Procurement strategy and formation of contracts are key steps in Contract life cycle management process. The success of contract management is influenced by what happens during bidding through contract award phase. This phase should be seen as continuum by planning contract management from the start of procurement process. Hence bidding process is an incredibly important part of the construction project. Preparation of bid documents can be complex task that includes all the elements of a construction project and become the contract between the client and the selected contractor. Each of these elements should be evaluated and incorporated into the bid documents as required for successful completion of project. Strategically it is equally desirable for contractors to be equipped with tool kit that needs to be kick off for winning proposals.Project identification, preparation of business case, procurement strategy, contract preparation, Instructions to Bidders, tender process are key activities of contract management in Project Life cycle.
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