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And outputs the contracting processes

The records management system I talked about earlier is the perfect place to keep all these documents.

Organizational Process Assets Updates

Organizational process assets updates consist of
performance schedule. For example, perhaps the

payment is made after 25 percent of the product or service is completed, or maybe the payment schedule is based on milestone completion. In any case, as the project manager, you will verify that the vendor’s work (or delivery) meets expectations before the payment is authorized. It’s almost always your responsibility as the project manager to verify that the terms of the contract to date have or have not been satisfied. Depending on your organizational policies, someone from the accounting or procurement department might request written notification from you that the vendor has completed a


determine penalty fees in the case of

performance or incentives that are due according to the terms of the contract. They should also indicate whether the vendor should be allowed to bid on future work. Seller performance evaluations can also be included as part of the qualified sellers lists.

Procurement Management,
Procurements, and
Control Procurements. Be certain you understand the
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and outputs the contracting processes
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