How to Successful Subcontract Management Using the Contract Lifecycle
For many companies, providing goods and services to other firms by virtue of a contractual relationship is central to the heart of their business, and it is often quite lucrative. Of course, companies cannot always make their products or provide their services without the help of subcontractors. Companies with a high volume of contracts often enter into subcontracting agreements with other firms to manufacture goods or deliver services in a faster, cheaper, and/or more efficient manner. Granted, relying on the actions of an external party can be risky, as that party’s failure to perform properly or punctually will generally have an unwanted ripple effect on the rest of the process. For this reason, it is imperative for companies to keep a very tight rein on both their primary contracts and subcontracts. This is something that can be accomplished by thinking about subcontract management throughout the contract lifecycle, as explained below.
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