Your company successfully implemented procurement planning and conducting processes. Several contracts were recently executed, and you need to suggest monitoring activities that will ensure expected vendor performances. In addition, a few old contracts will expire soon, and management has no intention to renew them. They asked you to suggest contract closure activities that will ensure orderly contract closure and exit from existing vendor relationships.
Watch the following videos, and answer the questions that will be used in the future use for developing vendor monitoring and contract closure processes:
After watching the videos, answer the following questions to prepare for a discussion about the vendor monitoring and contract closures processes. Your answers should be an analysis presented in the form of a minimum 3-page report to the department manager.
1. How do vendor management metrics help organizations hold vendors accountable?
2. Should vendor-auditing metrics be specific or vague?
3. What are typical performance metric types?
4. Is buyer-imposed delay a procurement delay?
5. How many of the contractual parties are engaged in unilateral contractual modifications?
6. Is misspelling an example of bilateral contract modification?
7. Can a contract be terminated for convenience?
8. What is an example of contract dispute types?
9. During which project management life cycle process procurement teams perform the close procurement process?
10. What is the name of the contract procurement dispute that is settled within a court system and overseen by judge?
11. What are the reasons for early termination of a contract?
12. Which contractual party (or parties) has the right to terminate a contract?
13. What tools and techniques can be recognized during the close procurement process?