People working in the procurement department know and understand their job well. However, these people must also know about contract management especially working in public companies. In public companies, everything needs to be transparent and legal from start to finish. Once the process of selecting the supplier and vendor is done, the procurer and the vendors or suppliers need to sign a legal contract related to the supply of goods. This contract is to make sure that the goods delivered are of the highest quality and even the delivery is done on time without any delay.
Quality and Quantity of Goods – The supply order is based on the required raw materials where the quality and quantity needs to be in the same manner. Everything detail about this is mentioned in the contract and is therefore, the responsibility of the procurement department that the contract is maintained during the entire session.
Date and Time – This is another important factor of the supply contract where certain time and date is given for the delivery of the materials. Date and time is important because the delivered raw materials are further transferred for further processing into a finished good made for the consumer.
Payment – Since it is a public limited company, the payment is again an important factor that cannot be ignored. After the contract is signed, the payment cannot be changed and needs to be adhered strictly. The payment needs to be done at the agreed dates where it is the responsibility of the procurement department to take the receipts.
Therefore, the individual working in procurement department should undergo training that offer procurement and contract management certificates for better work and career.