What do 'Standards of Conduct' help to define for contract managers?

'Standards of Conduct' are essential in contract management as they establish the ethical framework within which contract managers are expected to operate. These standards outline the principles and values that guide behavior, ensuring that contract managers act with integrity, fairness, and transparency in all their dealings. By adhering to these standards, contract managers can maintain professional accountability and foster trust with stakeholders, which is crucial in managing relationships throughout the contract lifecycle.

Understanding ethical behavior in contract management is vital as it not only protects the interests of the parties involved but also upholds the reputation of the organization. It addresses issues such as conflicts of interest, confidentiality, and compliance with laws and regulations, reinforcing the importance of ethical decision-making in the execution of contracts. This aspect of contract management is foundational, as it influences other areas, such as negotiation strategies, successful contract completion, and financial practices, but is distinct in its focus on ethics.