Ensuring Every Dollar Spent Yields Equivalent Value in Return
Ensuring Every Dollar Spent Yields Equivalent Value in Return
Prevent and mitigate contract value loss by prioritizing your contracts throughout their lifecycle. Whether representing a party or serving as a neutral third party, Ryan Tan Law offers not only valuable contractual and legal advice but also beneficial technical and managerial recommendations.
Before releasing a statement of work (SOW), or responding to one, make sure what you are asking for or proposing makes sense. Does it meet business needs and will you realize your expected benefits? Is it unambiguous? Is it clear as to what is needed or is being proposed? An accurate SOW or proposal developed in the planning phase is a critical step that avoids schedule, scope and budget issues.
Example Activities
After a vendor is selected, but before signing contracts, reviewing both the original SOW and the winning proposal for alignment prior to executing the contract is a valuable exercise. At this stage identifying gaps, contradictions, and ambiguity between expected obligations and proposed obligations provides the parties time to resolve issues before finalizing and executing the contract.
Example Activities
Whether at the beginning, middle, end, or throughout an engagement, it is important to assess contract adherence to identify areas of non-compliance, risk, and issues. This provides parties to the contract with valuable information in the form of performance metrics and recommended strategies to mitigate risks and resolve issues. The goal is to maximize value, minimize risk, and to have a project that is overall successful.
Example Activities
Protecting investment in procurements by minimizing contract value leakage, maximizing contract performance, and enhancing project engagement dynamics to ensure stakeholder satisfaction and organizational success.
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