What does the process of managing changes in a contract include?

Managing changes in a contract primarily involves handling contract modifications and maintaining configuration control. This process is crucial in ensuring that all alterations to the agreement are documented, agreed upon by all parties, and effectively communicated. When changes occur—whether due to scope adjustments, cost revisions, or schedule shifts—it's imperative to properly modify the contract while ensuring that all configurations are controlled and verified. This ensures that the integrity of the contract remains intact and that the expectations of both parties are met.

By focusing on managing modifications and configuration control, the process helps prevent misunderstandings or disputes later in the contract lifecycle. This is especially important in complex projects where changes can have substantial impacts on deliverables, timelines, and costs. Keeping a well-maintained record of all changes also supports compliance with contract terms and provides a clear reference should issues arise in the future.

The other options do not align with the core focus of contract change management. Negotiating new contracts pertains to entirely new agreements rather than alterations to existing ones. Issuing final payments is generally related to the completion of contract obligations rather than managing changes. Ending contracts early would involve termination procedures that are separate from the process of managing ongoing modifications.