Construction Financial managemnt - Contracting managment Essay

Construction Financial managemnt - Contracting managment - Essay Example There are complex legal implications involved for both parties when entering a contract. There are a lot of foreign investors currently investing in Macau, as they belong to different nationalities, they do not hold adequate information about local laws of Macau. Therefore they have difficulties in entering into contacts with local businesses. The implications of entering into contracts with foreign nationals are a dilemma for local businesses as well. Adequate study into different contract practices can lead to a better understanding of business processes and difficulties faced in finalizing contracts. According to Davenport & Euher (2002), effective contract management can lead to improvements in both productivity and efficiency. Many business deals go sour because of ineffective contract management. Similarly foreign business is lost by local companies because they have slow processes of drawing out contracts. Therefore study of contract management practices can help us understand better ways of drawing out contracts that safeguard rights of local businessmen and do not drive away valuable business opportunities. Purely from the perspective of a foreign businessman research on contract management practices in Macau is invaluable. This can give them clues into what can be expected and legal implications of their actions. Effective knowledge of contract management can also give foreign businessmen a head start against competitors. The report will also recommend practices that should be adopted in the future to promote effective contract management. The aim of the research is to explore and identify the factors which are responsible for the rapid development of the contracting management in the Macau construction industry. A thoroughly review of literature and findings on the factors of the rapid development will be presented with recommendations on how to improve the implement of