From the Project Managements Book of Knowledge to tonnes of treatises in the market and ample amount of training / certifications in the field, it can only be imaginary to claim ignorance of the criticals of the Project and how go about it. But the second reality is exactly the contrary, that there is hardly any project with fulfils all that was mandated as project goals and functionalities, full, complete & robust in usage. Most of the projects have lapses major and minor to a considerable degree. Unfortunately, it does not stop at this.
The whole project management journey turns out to be one on a road of thorns. The master service agreement, service level agreements and the penal provisions thereof become the bone of contention even before it is handed over. For sure the vendor representatives could have done better as Supreme Court lawyers rather than being Project Managers. Project execution becomes thus even more difficult as complete focus does not go into it. It is still a wonder why contract management has not been given the importance it deserves even as contract implementation blues remain endless.
Blockchained contracts what in popular parlance is known as Smart Contracts, can turn out to be the game changer in the true sense of the term. Time/cost overruns, penal provisions, calculations and every nitty gritty and its impact thereof would be manifested to the owner and vendor. The action can be initiated automatically and so accordingly the financial repercussions. It would take the drudgery out of the system. Useless discussions and bickering can be dispensed with. With both parties blockchained legally and technically, way forward from the present semi-functional system.
It can cut across System Integrator, Vendors, Consortium members, outsourced entities with precision, unimaginable as of now. The on boarding and off boarding would be very clearly operated as per the code. Whims and fancy and evasion would be considerably checked. Agreement would be directly written into the code; a self executing contract. The code and agreement would be available to all across the distributed, decentralised blockchain network. This is only way forward for smooth contract management.
ITS TIME TO SPEND TIME ON THE PROJECT EXECUTION / OPERATIONS RATHER THAN BATTLING ON THE CONTRACT.