Which process involves executing contract requirements and managing business relationships?

The process that involves executing contract requirements and managing business relationships is best described by the term "Administer Contract." This process encompasses the various activities necessary to ensure that the terms of the contract are followed and that relationships between the contracting parties are maintained effectively.

During contract administration, a contract manager oversees compliance with the contract’s terms, manages any modifications that may arise, and ensures that performance meets the agreed standards. This includes addressing any issues that may arise, ensuring both parties fulfill their obligations, and fostering strong communication to maintain a positive working relationship.

In contrast, while “Perform Contract” seems to align with executing contract requirements, it typically refers to the actual fulfillment of specific contract obligations rather than the broader scope of managing relationships and ongoing contract terms. Other options like managing disagreements or selecting sources focus on distinct moments in the contracting process and do not encapsulate the entire duty of administering a contract effectively.