Service Contract Management

Alpha Max offers Service contract management which is offered usually via Service Level Agreements (SLA’s). An SLA is usually part of a contract and thus also a formally negotiated contract. The SLA in a service contract management defines the: Services. This is the scope and type of services that are expected. A contract for services is a formal, legally binding agreement before a business and a self-employment individual. It differs between an employment contract known as a contract of service– which is between the Service Requester Company and the Service Giving company.

Contract management is the process of managing contract creation, execution, and analysis to maximize operational and financial performance at an organization, all while reducing financial risk. Organizations encounter an ever-increasing amount of pressure to reduce costs and improve performance. A tangible contract management function assists in managing obligations in an effective manner; this saves the two parties significant time and effort and provides benefits in terms of business strategies and procedures. Contracts dictate every aspect of key business strategies and relationships. You can’t do many projects to change something without spending a bit of cash. And when money is involved, a contract is essential! Generally you’ll come across one of three types of contract on a project: fixed price, cost-reimbursable (also called costs-plus) or time and materials.

There are few essential elements must before a contract is binding:

  • The offer
  • Acceptance
  • Mutual assent (also known as “meeting of the minds”)
  • Consideration
  • Capacity
  • Legality