From the course: Supply Chain Foundations: Strategic Contract Management
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Dealing with contract changes
From the course: Supply Chain Foundations: Strategic Contract Management
Dealing with contract changes
- [Narrator] You've probably heard this quote before in one form or another. The only thing constant about business is that it is constantly changing, and that's probably the most difficult aspect of managing contracts. As situations arise, your contract may need to change. Basically, contracts can change in two ways. The first way is through a formal contract change notice. Something has changed and it requires an amendment to the contract terms. For example, perhaps a quality problem has been discovered by your material supplier that requires a major adjustment to the delivery schedule. It's very likely that the formal statement of work or service level agreement must be rewritten. You also should analyze how this change will impact costs, both for you and your supplier. You could face a price negotiation before going any further. Your contract may also change due to the normal day-to-day challenges contract managers face. For example, what if the seller is delivering components to…
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