Oil and Gas Integrated and Comprehensive Contract Management or Contract Administration is the management of contracts that should be made by the industry experts with HGs, NOCs, IOCs, NOCs, SOCs, Operators, Contractors and wider groups of GC, EPC, customers, vendors, partners, or employees. These highly professional experts shall get involved not only in the conventional approach of the Contract Administration but also entered into the very field of professional expertise of contracts management as should be initiated from the brains storming of the contract, contracts definition , contracts and contracting strategies and technieques, CFT preparation, assessement and awards, contracts negotiation, contracts effective drafting and conclusion; contracts support, execution and management, and contract settlement and close out.
Oil and Gas Integrated and Comprehensive Contract management includes negotiating the terms and conditions of contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk.
A study has found that for “42% of enterprises, the top driver for improvements in the management of contracts is the pressure to better assess and mitigate risks” and additionally,”nearly 65% of enterprises report that contract lifecycle management (CLM) has improved exposure to financial and legal risk