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The Contract risk and opportunity Management Plan is a four-step process that can be applied to systematic risk and opportunity management at any stage of a contract's lifecycle. For complex projects, the plan should be used as early as possible, preferably at the bid or solicitation planning stage when laying the foundation for the deal, because this is where the structure and contents of the contract begin to take shape. The Plan can also be applied at the contract preparation, design, and negotiation stageā€”for instance, when reviewing proposed solicitation and bid documents or contract proposals and individual clauses in those documents, and when reviewing or auditing a company's standard forms, models, templates and standard terms and conditions. it can also be used to secure a successful handoff to a new team during the different phases of the contract lifecycle. While the Plan can be used by individuals, the best results are achieved when it is used by a team. The four principal steps of the Plan are as follows:

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