ABSTRACT
This chapter explores the role and the purpose of contracts and their management. It offers insights and solutions to the most common pitfalls in contracts and their management. A contract is driven by a host of policies, procedures and regulations, as well as the practical considerations of feasibility and risk. The international Association for Contract and Commercial Management (IACCM) undertakes regular research to understand the typical causes of poor performance. Not surprisingly, none of these causes is linked to legal issues. The chapter provides an example of the IACCM findings. It reflects a worldwide study undertaken with the UK's National Audit Office as part of that institution's efforts to improve the results of public sector projects. However, this example represents symptoms rather than the underlying causes, so IACCM's work has focused on better understanding why things go wrong and how they can be avoided. In 2014, this resulted in the publication of reports outlining 'the ten pitfalls of contract management'.
