What is the benefit of managing changes within a contract?

Managing changes within a contract primarily serves to protect the integrity of the contract while allowing for necessary adjustments. Contracts are often subject to changes due to various factors such as shifts in project scope, regulatory requirements, or unanticipated circumstances. By effectively managing these changes, the original intent and objectives of the contract can be upheld, ensuring that both parties’ interests are considered and maintained.

This approach helps to facilitate communication between the contracting parties, allowing them to address issues collaboratively and adapt as necessary without compromising the contract's foundational structure. It promotes transparency and reduces the likelihood of disputes, ultimately fostering a more positive contractual relationship. Furthermore, it allows for documentation and formal approval of changes, which is essential for compliance and accountability in contract management.

While increasing overall contract costs or reducing the number of stakeholders could be potential side effects of change management, they do not represent the fundamental benefit. Similarly, the belief that managing changes would eliminate all forms of negotiation overlooks the reality that negotiation is an inherent aspect of successfully managing changes in a contract.