2. Contract lifecycle is the constant process of
ensuring that a contract is structured properly and
reviewed appropriately by following certain steps
, its provisions enforced and intent realized, and its
weaknesses recognized and corrected. In essence, a
contract is a theory about how things should work.
Reality is how that theory carried out during day-to-
day business
8. Risk Assessment/Management
Is the process by which the likelihood of risk occurring or its impact on
a project is reduced and it has 5 steps :
1-Identify the potential sources of risk on the project.
2-Determine their individual impact and select those with a
significant impact for full analysis.
3-Assess the overall impact of significant risk.
4-Determine how the likelihood or impact of risk can be reduced.
5-Develop and implement a plan for controlling the risks and
achieving the reductions.
9. Risk is sometimes poorly understood by the main
contracting parties and also those outside.
The affect of this risk doesn’t only affect both party
, also its impact extends to include contractors m
those further down the supply chain , partners
, stakeholders … ETC
