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Introduction Business is a crucial aspect of development or as a source of revenue globally today. Procurement and contract management are essential in the success of any business, which explains the reason why it is significant to study the topic. Every corporation develops a unique plan to help achieve its goals and objectives. Several steps are involved in the entire process of developing a project, and corporations should ensure effective strategies are put in place to achieve success. The purpose of the paper is to discuss various elements such as the definition and importance of procurement and contract management, RFP selection tools, procurement planning and strategies crucial for project success, selection of the most qualified vendor, contract evaluation and legal aspects of a procurement, and the comparison of critical elements of a contract. Definition and Importance of Procurement and Contract Management Procurement refers to the buying of products and services at the best probable cost, legal terms, and delivery rates. For instance, an individual sends out proposal requests, after which he or she reviews the proposals as well as returned bids. After this process, the person starts the negotiation activities with the selected organization with the intent of getting the best price and the best terms possible for the goods and services. Procurement in businesses relies on four critical factors, including access to or availability of materials, the types of items or materials bought, the purchases' absolute volume of the dollar, and the percentage of product cost that materials represent. The process of decision making in procurement requires the development of effective strategies, for example, communicating to the supplier concerning whatever you require from the beginning of the project to the end to avoid issues of running out of stock. A business person should establish their suppliers to meet their needs regarding the purchasing description of buying goods at appropriate costs and terms. There is a need for the best technology when dealing with procurement activities, for example, software to aid during the purchasing process. The individuals should make an excellent connection with his or her procurement accounts as well as the department of warehousing. Having procedures and policies in place help when a person interacts with the supplier and when the supplier presents proposals and quotes. The procurement process is dynamic since it continuously changes. Today, several forms of procurement exist, including e-procurement, environmental purchasing, as well as political procurement. Similarly, the contract manager is continuous, and it begins with the analysis and evaluation of the client's inquiry and goes on to the time when the contract reaches closure, which is after all the responsibilities in the contract have been achieved or fulfilled.
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