Managing Contracts for Maximum Value and Minimum Risk

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Once the commercial transaction is negotiated and signed, most contracting teams are pulled from the process – at the same time that the parties are escalating their focus on the transaction.  Both parties are incented to maximize their financial yield on the transaction and minimize their risk, yet some do not treat Contract Management as a key to their overall success.  Are you and your organization one that does not dedicate the necessary tools, techniques and talent to managing commercial relationships?  What is the difference between Contract Administration, Contract Management and Relationship Management?  What is needed for you to succeed at all three levels?  These are just a few of the questions which we will address.

Your Benefits of Attending:

  • Learn how to achieve excellence in your commercial relationships.
  • Realize the full value and risk reductions that you have negotiated.
  • Learn cost effective contract administration and management techniques.
  • Develop meaningful, specific and realistic commercial relationship performance metrics.
  • Identify opportunities to reformulate your commercial contracting strategies.
  • Learn how to drive greater value and innovation into subsequent contracting cycles with your commercial partners.
  • Identify opportunities to automate your contract management processes through software and other tools.
  • Understand how to resolve contractual disputes without destroying the relationship.

Join Jim Bergman as he provides the road map for managing your contracts for maximum value and minimum risk.

  1. Introduction 00:01:21
  2. Key Benefits 00:02:26
  3. Topics 00:04:12
  4. Clock Diagram 00:06:27
  5. Overcoming The Challenges in Contract Implementation 00:16:12
  6. Developing a Implementation Project Plan 00:18:11
  7. Keeping The Roles and Responsibilities Clearly Understood 00:21:18
  8. How To Overcome Resistance Points and Barriers in the Implementation 00:23:24
  9. Addressing The Differences In Contract Administration and Management 00:27:43
  10. What is Contract Administration? 00:34:46
  11. What is Contract Management? 00:34:57
  12. Keeping Focused on The Rights and Responsibilities Throughout the Fulfillment Phase 00:35:18
  13. Selecting Contract Management Software That is a Best Fit to Purpose 00:35:38
  14. What is Your Electronic Contracting Strategy ? 00:43:24
  15. What Are The Options in the Marketplace? 00:46:34
  16. Which Options are the Best Fit for Your Strategy? 00:47:30
  17. Managing The Contract Change Order Process 00:49:44
  18. What is a Change Order and Why Does It Happen? 00:57:20
  19. Understanding The Relationship Dynamics Behind A Change Order 00:59:55
  20. Documenting The Change Order and Preventing Excessive Changes 01:00:02
  21. Embracing Supplier Relationship Management Tenets in Contracting 01:01:36
  22. What is Supplier Relationship Management? 01:04:12
  23. Understanding The Benefits of a Well-Managed Supplier Relationship 01:06:32
  24. Keys to Success in Supplier Relationship Management 01:12:43
  25. Applying Customer Relationship Management Principles in Contracting 01:13:48
  26. What is Customer Relationship Management? 01:16:07
  27. Understanding The Benefits of a Well Managed Customer Relationship 01:16:59
  28. Key Success in Customer Relationship Management 01:17:19
  29. Utilizing Alternative Dispute Resolution Options 01:17:48
  30. What is Arbitration? 01:18:21
  31. What is Mediation 01:18:39
  32. Exploring Negotiation Options Before Taking the Litigation Path 01:22:22
  33. Managing Key Contracts 01:23:20
  34. Managing Contract Close Out 01:25:22
  35. Develop Exit Plant Before Entering 01:27:11
  36. Develop Communication and Change Management Plan 01:29:57
  37. Why Do Contracts Terminate? 01:30:34
  38. Why Do Contracts Not Terminate? - Contractual Reasons 01:31:07
  39. Why Do Contracts Not Terminate? - Commercial Reasons 01:31:20
  40. Why Do Contracts Not Terminate?  - Moral/Ethical Reasons 01:32:11
  41. Contracting Practitioners Must - Contract Management  01:34:06
  42. Contracting Practitioners Must -  Ensure Preparation 01:35:18
  43. Contracting Practitioners Must -  Acquire Portfolio 01:36:24
  44. How Does This Apply to Your Scenarios? 01:36:51
  45. Key Benefits  - Achieving Excellence  01:36:57
  46. Key Benefits  - Risk Reductions 01:37:36
  47. Key Benefits  - Cost-Effective Contract Administration 01:38:13
  48. Key Benefits -  Commercial Relationship 01:39:06
  49. Key Benefits -  Identify Opportunities 01:39:33
  50. Key Benefits -  Drive Greater Value 01:39:53
  51. Key Benefits - Automate Your Contract Management 01:40:18
  52. Key Benefits - Resolve Contractual Disputes 01:40:53
  53. Questions? 01:41:04
  54. For Resources 01:41:28
  55. Thank You 01:41:40
  56. Presentation Closing 01:42:12
  • Jim Bergman

    Jim Bergman

    Jim is an experienced contracts attorney and procurement professional with international management consulting experience in the procurement field in the USA, UK, Europe, China, India, SE Asia, the Middle East, Africa and Australia. He has experience working in both the public and private sector on [...]

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ATAPU Credit

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in purchasing.

ATATX Credit

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in accounting.

ISM Credit

Institute of Supply Management

This program may be used for Continuing Education Hours (CEH) toward recertification for programs offered by the Institute for Supply Management®, including the Certified Professional in Supply Management® and Certified Professional in Supplier Diversity®.

QPANJ Credit

Qualified Purchasing Agent - New Jersey

  • Change Order 00:05:10, 00:57:27
  • Contract 00:03:30, 00:04:33, 00:05:09, 00:05:17
  • Contract Administration 00:04:40. 00:34:46
  • Contract Management 00:04:42, 00:34:57
  • Customer Relationship Management 01:16:08, 01:16:11
  • Implementation 00:06:30, 00:18:26, 00:26:16
  • Resistance Point 00:23:24
  • Risk Mitigation 00:13:33, 00:18:28
  • Stakeholders 00:21:56
  • Supplier 00:09:25, 00:13:24
  • Supplier Relationship Management (SRM)  01:04:17, 01:04:27, 01:06:30

Change Order: Once a requisition is approved changes cannot be made, however, users do have the ability to make some changes after a PO has been issued through the change order process. Managing changes to the Purchase Order requires a Change Order to modify the dollar amount, service dates, or update the chartstrings.

Contract: A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.

Contract Administration: Contract Administration is the management of all actions that must be taken to assure compliance with the terms of the contract after award (according to the National Institute for Governmental Purchasing, NIGP). Contract administration refers to the task or function of ensuring that a construction contract (the contract between the client and the contractor) is executed in accordance with the terms of the contract. Contract administration may include the tender stage and the post-construction stage.

Contract Management: The process of managing contracts that are made as a part of legal documentation of forging work relationships with customers, vendors, or even partners.

Customer Relationship Management (CRM): Customer relationship management is an approach to managing a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.

Implementation: To make the software available to all at the buying organization (or as many users as the buying organization wants).

Resistance Point: A point at which a trend meets with opposing or nullifying forces.

Risk Mitigation: Risk mitigation involves taking action to reduce an organization's exposure to potential risks and reduce the likelihood that those risks will happen again.

Stakeholders: A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers and suppliers.

Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.

Supplier Relationship Management (SRM) : Supplier relationship management is the discipline of strategically planning for, and managing, all interactions with third-party organizations that supply goods and/or services to an organization The objective of SRM is to maximize the value of those interactions.

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Frequently Asked Questions

These three terms are often used interchangeably but represent distinct levels of contract oversight with different objectives. Contract administration is the most procedural level—ensuring that each party performs their specific contractual obligations and that deliverables, milestones, invoices, and documentation comply with the contract terms as written. Contract management is broader and more strategic, encompassing the full lifecycle of the agreement including performance measurement, change management, risk monitoring, and value realization. Relationship management is the highest level of engagement, focused on the human and business dynamics between contracting parties—building trust, resolving disputes constructively, and aligning incentives toward mutual success. Excellent contracting organizations operate at all three levels simultaneously. Jim Bergman's Managing Contracts for Maximum Value and Minimum Risk webinar, available through Aurora Training Advantage, provides a comprehensive roadmap for mastering each level and integrating them into a cohesive commercial relationship strategy.
Contract change orders are one of the most common sources of commercial disputes and value leakage in complex agreements. A change order arises when the scope, timeline, price, or terms of a contract must be modified after execution. Effective change order management begins with a clear, detailed change order provision in the original contract that defines what triggers a change order, who has authority to approve it, how costs are calculated, and what documentation is required. Organizations should avoid informal scope creep—verbal agreements or email approvals that aren't formalized in a written change order—as these create ambiguity and dispute risk. Tracking all potential changes in real-time and requiring formal documentation before proceeding maintains contract integrity. Jim Bergman's Managing Contracts webinar covers change order mechanics in detail, including the relationship dynamics that often drive change requests, helping contracting professionals protect both value and the commercial relationship simultaneously.
Supplier relationship management (SRM) is a strategic discipline that goes beyond transactional oversight to build collaborative partnerships with key suppliers that generate sustained competitive advantage. Strong SRM practices improve contract performance by aligning incentives, creating open communication channels for early problem identification, and building the mutual trust that encourages suppliers to prioritize your business and bring innovative solutions proactively. Organizations that manage suppliers purely through contractual compliance mechanisms—treating every interaction as adversarial—typically get minimum performance. Those that invest in relationship quality—joint business reviews, shared performance metrics, collaborative issue resolution—consistently extract more value from their supplier agreements. The keys to SRM success include executive sponsorship, defined relationship governance structures, and consistent engagement beyond transactional touchpoints. Jim Bergman's Managing Contracts for Maximum Value and Minimum Risk webinar provides a practical SRM framework that contracting professionals can integrate into their commercial management practices.
When contractual disputes cannot be resolved through direct negotiation between the parties, alternative dispute resolution (ADR) methods offer structured paths to resolution that avoid the time, cost, and relationship damage of litigation. The two primary ADR mechanisms are mediation and arbitration. Mediation involves a neutral third party who facilitates dialogue and helps the parties reach a mutually acceptable resolution—but the mediator has no authority to impose a decision. Arbitration is more formal: an arbitrator (or panel) hears both sides and issues a binding or non-binding award depending on the agreement's terms. Arbitration clauses in contracts can specify the governing rules (AAA, ICC, JAMS), the number of arbitrators, the location, and whether the decision is appealable. ADR clauses should be negotiated thoughtfully before signing, not considered only when disputes arise. Jim Bergman's Managing Contracts webinar explores both options in detail and provides guidance on structuring dispute resolution provisions that protect organizational interests while preserving commercial relationships.
Contract close-out is a frequently neglected phase of the contract lifecycle that can create significant risk if not managed systematically. A thorough close-out process includes: confirming that all deliverables have been received and accepted per contract specifications; resolving any outstanding change orders, invoices, or disputes; releasing any performance bonds, guarantees, or retainage per contract terms; archiving all contract documentation in a retrievable format for potential future reference or audit; and capturing lessons learned to improve future contracting strategies. Organizations should also assess the overall commercial relationship and supplier performance to inform future sourcing decisions. Developing an exit plan before entering a contract—addressing termination rights, data portability, transition assistance, and wind-down obligations—is equally important. Jim Bergman's Managing Contracts for Maximum Value and Minimum Risk webinar provides a complete close-out framework along with guidance on developing exit strategies that protect organizational interests throughout the full contract lifecycle.