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    Contract Management for Project Managers

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    1. Process of managing expectations is essential in creating and maintaining a successful business partnership. This process can take years to accomplish. Why?

    2. Project managers must understand all aspects of a contract. A definition of a contract needs to be discussed in the context of laws practiced in the U.S. and in the other countries. Explain

    3. A discussion is needed to describe the contract management process and the three main phases. The difference between buyers and sellers approach in the first phase needs to be discussed. Explain

    4. The second phase of contract management needs to be discussed with an emphasis on team preparation. Explain.

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    Study Questions

    1. Process of managing expectations is essential in creating and maintaining a successful business partnership. This process can take years to accomplish. Why?

    This is because it takes mutual trust for both parties to believe that their partnership will deliver what they want from it, and mutual trust takes a while to build. Often neither side knows enough to fully commit to a mutual plan, however, if they take too long to develop this trust it may be too late to take advantage of their best business opportunities.

    2. Project managers must understand all aspects of a contract. A definition of a contract needs to be discussed in the context of laws practiced in the U.S. and in the other countries. Explain

    Contracts are obligations created by two or more people or parties, entered into voluntarily. There are two elements that must occur for a contract to be created.

    First, there must be a meeting of the minds about what is being contracted. Second, an exchange of consideration ...

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    This is a discussion of Contract Management for Project Managers.

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