Contact Administration

Testimonial – Tom J.

AMS-PAR uses experienced auditors.

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)...

Testimonial – Corbin B.

The first time I have seen this particular technology.

Testimonial – Janet R.

The lead auditor conducted the audit in a very professional way, and always kept the communication channels open for discussion, feedback, and questioning.

Testimonial – Kevin A.

It has been an absolute pleasure working with AMS-PAR on this assignment, certantly a well managed, professional, and efficient operation.

Testimonial – Mike M.

My team respects AMS-PAR's work and has never had issues with documentation.

Testimonial – Brian P.

The field lead was very efficient and knowledgeable that minimized business disruptions.

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 – Misty C.

The exchange of information is effortless.

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 – Juliet E.

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

Testimonial – Brandy Bell

The audit was orderly and each request was specific.

Testimonial – Tom J.

The audit was scheduled well in advance and an experienced revenue 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 – Brian P.

The data requests are submitted and tracked in an organized manner

Testimonial – Angie R.

The audit lead communicates very well with our staff. We received updates every week.

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 – Robert G.

As a revenue auditor I did not realize the significance of field asset verification until I hired AMS-PAR to assist me.  AMS-PAR conducted a field office and discovered a Sales Meter on every pad that was not accounted for in the Schematics.  This oversight...

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 – Harry W.

Well done on all fronts.

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.