Be aware for too many reports
Many reports have to be created on a regular basis for various stakeholders and the project management team which should provide status of key steering elements versus objectives.
One should watch out over-reporting since this normally does not enhance project management controls but only increases overhead cost and confusion between the reports.
KPIs can be used as trend indicators for various steering elements which enables timely corrective actions if required.
Simple dashboard reports can be used to provide a quick overview of the contract performance status.