Service Contracting Essay Example | Topics and Well Written Essays - 500 words - 1

Service Contracting - Essay Example There is a need to create methods that allow tools to rationalize about service contracts concerning their value. Feasibility analyzes help to unravel mainly and reasonably the merits and demerits of an up and running business or prospective business project, opportunities and risks existing in the setting. According to Kelly (2010), feasibility analysis helps present a chronological data of a business venture, brief account of the product or service, account statements, data of the activities and managerial aspects. Also, it helps present legal obligations including economic and tax information. Over and above, the efficacy of feasibility analyzes entails measuring the businesss prospective success. In this regard, an objective report gives the potential investors a chance to make correct decisions. The contractor selection process, which results in the awarding of construction contracts, is a significant factor in the building and construction industry. Many legal guidelines require that contractor selection process begin with a public advertisement where all the candidates submit their bids (Savas, 2005). These contracts can be granted via direct selection of informal competitive bidding process or negotiated contracting. The best practice techniques for administering a service contract entails adopting methods that institutions can use in establishing mistakes in the purchasing, managing and administering service contracts (Kelly, 2010). The best practices are actual approaches that institutions can use to boost the procurement process. Above all, best practice techniques entail to specific institutional procedures, standard, budget and time limits. In order to have a service contract objective, the public must be protected. This is because of the probability of acquiring poor quality service, elements of underperformance or failure concerns that can easily put the members of the public in