What is the initial step taken in managing a contract upon its award?

The initial step taken in managing a contract upon its award is contract administration. This process involves ensuring that both parties to the contract comply with the terms and conditions agreed upon. After a contract is awarded, it is crucial to transition smoothly into its administration to monitor performance, handle communications, and manage any changes or issues that arise.

In contract administration, the focus is on implementing the contract effectively, overseeing the execution, and making sure that deliverables are met as per the agreed timeline and quality standards. This includes tracking progress, managing documentation, and serving as a communication bridge between the contracting parties.

While negotiation occurs before a contract is awarded and marketing pertains to promoting the contract potential, these actions are not applicable after the award has been made. Presentation may involve sharing the contract details with stakeholders but does not constitute the management of the contract itself. Therefore, contract administration serves as the foundation for managing a contract effectively after it has been awarded, ensuring all parties are held accountable to fulfill their obligations.