What is the purpose of forming a contract during the award phase?

The primary purpose of forming a contract during the award phase is to solidify the agreement legally between the parties involved. This stage represents the culmination of discussions, negotiations, and planning that precede the contract formation. Once a contract is created, it serves as a legally binding document that outlines the rights and obligations of both parties.

By formalizing the agreement, the contract provides legal protection and clarity surrounding the commitments made by each party. The legal enforceability of a contract ensures that each side is accountable for adhering to the stipulations agreed upon, which fosters trust and establishes a clear framework for their professional relationship.

While finalizing negotiations, ensuring clarity in contract terms, and preparing for execution of requirements are all important aspects of contract management, the fundamental aim during the award phase is to achieve a binding legal commitment that secures the interests of both parties involved.