LM 005

What is the primary purpose of contract management?

• To ensure project deadlines are met

• To manage relationships between parties

• To oversee the performance and compliance of contracts

• To minimize communication between parties

Which phase of contract management involves the creation of contract documents?

• Contract negotiation

• Contract performance monitoring

• Contract drafting

• Contract closure

What is a key benefit of effective contract management?

• Increased litigation

• Enhanced collaboration and reduced risks

• Reduced transparency

• Increased contract breaches

Which of the following is NOT typically included in a contract management plan?

• Roles and responsibilities

• Compliance and performance measure

• Project management software selection

• Communication protocols

What does "contract compliance" mean?

• Ensuring all parties have read the contract

• Ensuring the terms and conditions are met as agreed

• Making the contract void

• Terminating the contract early

Which of the following is an essential element in contract negotiation?

• Confidentiality agreements

• Court case reviews

• Final payment only

• Conflict resolution strategies

What is the final step in the contract management process?

• Contract negotiation

• Contract performance review

• Contract renewal

• Contract closure

Which software tool is commonly used for contract management?

• Excel

• Adobe Photoshop

• Contract Lifecycle Management (CLM) software

• WordPress

What is the role of a contract manager?

• To only draft the contracts

• To monitor and ensure compliance with the terms of the contract

• To make decisions without consulting stakeholders

• To act as a mediator in case of disputes

Which type of contract provides maximum flexibility for change

• Fixed-price contract

• Cost-reimbursable contract

• Time and materials contract

• Lump sum contract