The Importance of Contract Management

 

Contract Management pic

Contract Management
Image: epcconsultants.com

Having spent time as Legal Counsel and Director of Contracts for Alstom Power Inc. in Richmond, Virginia, Bradford Jacob presently serves as the president of EPC Consulting. Through EPC, Bradford Jacob provides commercial projects in the fields of energy and construction with services including contract management support.

Contract management in the construction industry is an important and multifaceted job. Effective contracts can prevent litigation, ensure compliance, and make sure that contractors are paid on time for their work. Managing these contracts is a vital aspect of many projects and trade situations, especially in international contexts.

Contract managers act as point people for multiple parties, including project managers and other employees involved in the job. Their work includes risk management and financial considerations that have become increasingly complex in recent years. Factors like the 2008 financial crisis, increased outsourcing, and automation have complicated construction projects, and outcomes become more predictable with an experienced contract manager who ensures a solid foundation for the job.

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