Contact Administration

Testimonial – Mark J.

My company has used AMS-PAR for Oil and Gas Joint Venture Audit services for the last 8 years.  We are extremely pleased with the professionalism demonstrated by all of AMS-PAR’s employees and contractors.  My company is also very satisfied by the results and findings...

Testimonial – Jerry b.

Very professional and responsive.  I can always count on their guidance when it comes to Oil and Gas Accounting matters. I love working with the AMS-PAR team!

Testimonial – Robert G.

AMS-PAR's vast experience allowed it to easily spot large revenue deductions charged to my company incorrectly.

Testimonial – Brandy Bell

The audit was orderly and each request was specific.

Testimonial – Melanie G.

We were extremely grateful to work with someone as professional and knowledegable about our industry.

Testimonial – Terry M.

The AMS-PAR audit team was courteous and professional.  Their software, particularly the Information Request (IR) system, provided effective communication, efficient data transmittal, and accurate tracking.

Testimonial – Feliz M.

I do all of our audits and this was an amazingly different audit process and experience

Testimonial – Tom J.

The audit was scheduled well in advance and an experienced revenue auditor did the audit.

testimonial – Melissa Walker

A one stop shop basically. Love the ease of being able to respond with all files and text in one place.

Testimonial – Lisa R.

The audit staff were polite and professional. Lisa R.

Testimonial – Romina S.

The AMS-PAR process is effective and clear. All of the data was easily exchanged through a portal removing the need for postal service.

Testimonial – Tom J.

The auditor was industry experienced. Due to the complexity of the revenue distribution, it was helpful that an experienced auditor did the audit.

Testimonial – Becky M.

Our relationship with AMS-PAR is important and all that you do to bend over backwards for us is greatly appreciated.

Testimonial – Kelvin A.

It has been an absolute pleasure working with AMS-PAR on this assignment, certainly a very well-managed, professional and efficient operation.  The AMS-PAR audit team was fantastic to work with. We certainly will keep AMS-PAR in mind for future engagements

Testimonial – John A.

AMS-PAR's IR system helps me prioritize my work.

Testimonial – Misty C.

The exchange of information is effortless.

Testimonial – Becky H.

The AMS-PAR IR System was easy to use and very user friendly.

Testimonial – Harry W.

Well done on all fronts.

Testimonial – Juliet E.

AMS-PAR's auditor was great, and was clear and concise with her requests. She was a pleasure to work with.

Testimonial – Terry M.

The last thing a busy oil and gas accountant wants to find in the morning mail is an audit notice.  However, from initial contact through final report, the AMS-PAR audit team was courteous and professional.  Their software, particularly the Information Request (IR)...

What is Contract Administration?

In its simplest form, Contract Administration is the process of planning for, negotiating, and executing a contract for goods or services.  Depending on the type and complexity of the contract, the administrative effort may require a multi-disciplined team to effectively plan for and manage the risks throughout the contract’s life cycle.

Why Implement a Contract Administration Program?

Effectively managing a supplier contract or capital project is often a team effort. Research suggests that a significant portion of a contract’s expected value is never realized due to ineffective contract management, particularly later in the contract term.  Reasons why the expected value is not achieved include:

  • Failure to involve all stakeholders early in the process
  • Ineffective transfer from contract negotiation to execution
  • Misinterpretation or misapplication of contract provisions
  • Deviation from the negotiated terms
  • Failure to validate compliance with agreed terms and conditions

Assembling a contract administration team early in the process is important and allows for each member to leverage their particular skill set for the benefit of the project.  Project and financial controls specialists are important members of the team.  Duties often performed by these members include:

  • Crafting contract language that is clear and “workable”
  • Vetting vendors and suppliers
  • Evaluating bid proposals
  • Managing budgets
  • Monitoring performance metrics
  • Reviewing supplier invoices for compliance with agreed terms and conditions. This work is often performed on a real-time or interim basis rather than retrospectively.

Retrospective audits may recapture some of the value lost due to contract interpretation or implementation, but achieving financial recoveries will be hampered by:

  • The audit being conducted years after payment is made
  • Data supporting transactions may be lost or not readily available
  • The evaluation will likely be of sampled transactions and the extrapolation method may be challenged
  • Consistent erroneous contract interpretation may be considered tacit approval of the errant practice
  • The subject matter experts (SMEs) with respect to the contractual intent may no longer be available to arbitrate disputes

Conducting real-time or interim audits will identify issues sooner in the process allowing for immediate corrective action that will stop the contract leakage.  Active contract administration helps all parties make better decisions, resolves discrepancies early, and improves overall contract compliance.

Why AMS-PAR?

AMS-PAR’s contract administration service offering is tailored to each client’s individual needs, Our team is ready to help minimize contract leakage and improve the valued realized from your contracts.  We take great effort to match the skills of our staff with the specific needs of your audit, ensuring that the team can operate at maximum efficiency.