Contract Management Institute Most Negotiated Terms Report 2024 Reveals $100 Billion Savings Opportunity for US Federal Government

RESTON, Va., Dec. 10, 2024 /PRNewswire/ -- The National Contract Management Association's (NCMA) Contract Management Institute, in collaboration with World Commerce & Contracting (WorldCC), has unveiled the Most Negotiated Terms Report 2024 that highlights key findings on how modernization can reduce transaction costs by as much as 13.3%, translating into $100 billion in savings annually.

Drawing on insights from over 600 contracting professionals, the free report examines the tensions between regulatory rigidity and the growing need for flexible, value-driven procurement strategies while revealing valuable insights and actionable strategies for navigating the complexities of government contracts.

This in-depth analysis provides a roadmap for contract management and procurement professionals to negotiate smarter, build stronger partnerships, and avoid costly inefficiencies.

Kraig Conrad, NCMA's Chief Executive Officer, shared, "In today's dynamic US Federal landscape, the ability to adapt is critical, and our profession continues to rise to the challenge with ingenuity, innovation, and resilience. This report offers actionable insights for agencies and suppliers to unlock the potential of simplified, collaborative contracting—often with existing flexibilities—to ensure better outcomes."

Tim Cummins, WorldCC President said, "For years, our annual Most Negotiated Terms study has informed commercial and contract management practitioners around the world on where they should focus negotiation efforts. This US slice demonstrates the significant impact this powerful research can have in public procurement."

Capturing perspectives from both buyer and seller communities, the report highlights the critical need for more collaborative approaches, emphasizing the hidden costs of regulatory-driven processes, the challenges for small-to-medium-sized businesses in addressing power imbalances, and opportunities to foster trust-based relationships that drive public value. It also examines the complexities of Federal Acquisition Regulation (FAR)-based contracts and the factors influencing negotiation dynamics, offering practical strategies to overcome these hurdles.

NCMA and WorldCC encourage the procurement and contract management community to explore these findings further by downloading the full report and accessing the replay of the report launch webinar held on November 25, 2024.

Download the full report.

About NCMA:

National Contract Management Association (NCMA) – www.ncmahq.org – is a thriving community of over 100,000 contract management professionals globally. Dedicated to fostering a globally recognized contract management profession and strengthening its connections with related acquisition communities, NCMA serves a diverse membership spanning both the public and private sectors. Through its steadfast commitment to facilitating the growth, advancement, and impact of practitioners, NCMA provides a platform for the open exchange of ideas in neutral forums, driving innovation and excellence in the field of contract management.  

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SOURCE National Contract Management Association