1. CONTRACT ADMINISTRATION PROCESS A Step-by-Step Guide Drafting & Negotiation Develop a draft contract based on initial discussions. Negotiate terms to ensure fairness for all parties involved. 1 The drafting phase is where the initial agreement takes shape, with both parties ensuring clarity in terms and conditions. Review & Approval Review accuracy and alignment with objectives. Secure internal or external approvals before proceeding. contract terms for legal 2 The review phase ensures that the contract is legally sound and aligns with the interests of all stakeholders. Execution & Signing Formalize the contract by gathering signatures from all parties. Ensure that all required documents are attached and filed correctly. 3 Execution marks the official start of the contract, with all parties committing to the terms by signing. Completion & Closure Confirm that all obligations are met and documented. Officially close the contract by obtaining final approvals and sign-offs. 4 The closure phase ensures that all terms have been completed, and the contract is formally concluded. https://plus3.international/expertise/ contract-administration/