Do you need to alter contracts for your project?
Ensuring that you have appropriate contracts before leveraging them to obtain skilled resources and products is crucial when managing a project. Contracts must be relevant to the nature of the project being managed. Here are some critical instances when an existing contract needs revision before being used for project resources.
Changes in Skill Levels or Headcount: A contract change is necessary if the project requires different skill sets or an adjustment in the number of personnel. This could be due to underestimating the effort required or evolving project needs. Both parties must cooperate to negotiate a feasible contract that supports project success.
Outdated Processes Exist. Project processes outlined in the contract or associated manuals may become outdated due to changes in the client's business model, industry standards, or regulations. Updating these processes in the contract ensures that the project remains compliant and efficient.
New Market Obligations Surface. The competitive landscape can force clients to adopt new products or customer support models. The project contract should be revised to support these new obligations, enabling the client to remain competitive and agile in the market.
Obsolete Business Conditions Exist. The conditions under which the original contract was signed may no longer be relevant. It's crucial to regularly review contracts to identify and update obsolete clauses. This proactive approach ensures that contracts still serve their intended purpose and do not hinder project operations, giving project managers a sense of control over the project's success.
Regulatory Changes Occur. Industry regulations can change, requiring updates to project processes and compliance measures. To avoid legal and operational risks, contracts should be revised to reflect these new regulatory requirements.
Unforeseen Events Come to Fruition. Unexpected events, such as a pandemic, can drastically alter project timelines, resource availability, and overall feasibility. It's reassuring to know that contracts can be flexible enough to accommodate such changes and ensure project continuity, providing a sense of security to project managers. Add that flexibility to your contracts as required.
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Additional thoughts can be found in my project management and outsourcing classes on LinkedIn Learning, including:
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This article is part of Bob’s Reflections newsletter series, which discusses project management, outsourcing, and “intelligent disobedience”, a leadership approach. If you want more of this content, you can subscribe to receive notifications when a new article is posted.
Want to learn more about the topics I talk about in these newsletters? Watch my courses in the LinkedIn Learning Library or check out https://intelligentdisobedience.com/
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Very helpful!