Evaluating a Government Contract Management System

Contract management within the government involves navigating common challenges for all large organizations, as well as specific considerations beyond those faced in the private sector. Federal contracts are subject to the Federal Acquisition Regulation (FAR) System, which guides acquisition planning, contract formation, and administration. Federal agencies must comply with strict, detailed guidelines that regulate spending, contract evaluation processes, and other aspects of the contract management lifecycle. State and local agencies are subject to certain federal or state laws, but may not be bound to follow FAR regulations when it comes to dealing with contracts.

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5 Contract Management Best Practices for Government Contracts

For many businesses, landing a government contract can become a much welcomed source of steady income. Of course, proper and timely performance will be of the utmost importance, as government agencies and entities will not tolerate any lapses or delays. Obviously, all contracts should be handled in a professional manner, but the consequences of breaching a government contract can be even more dire than is the case with other types of contracts. Thus, here are five best practices for managing government contracts.

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