The Often-Forgotten Phase of Procurement: Contract Management
by Karin M. Smith, MBA, CFE, CFO
Posted on July 28, 2016
This article originally appeared in the May 2016 School Business Affairs magazine and is reprinted with permission of the Association of School Business Officials International (ASBO). The text herein does not necessarily represent the views or policies of ASBO International, and use of this imprint does not imply any endorsement or recognition by ASBO International and its officers or affiliates.
When the governing board has awarded a contract and a purchase order has been issued, school district finance officials may breathe a sigh of relief, thinking they are “glad to be done with that!” Unfortunately, that thought process often allows contracts to run off course.
Much time and effort go into the planning phase of the procurement process, including identifying the need for procurement of goods or services, identifying vendors to contact for a bid, and defining the scope of work. The solicitation and selection phase involves evaluating the solicitation responses and awarding a contract. But that’s not the end of the procurement process. The real work begins when the contract is awarded. This phase includes the critical process of contract management.