What’s contract management process?

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The contract management process is a strategic approach to overseeing all aspects of a contract, from its inception to its termination. This process ensures that contracts are created, negotiated, approved, executed, and managed efficiently, reducing risk and maximizing value for an organization. In today’s fast-paced business environment, where contracts are the lifeblood of many organizations, a robust contract management system is essential.

contract management process

Why is contract management important? 

Contract management is a critical function in any organization, as it helps to: 

  • Reduce risk: By ensuring that all contract terms are understood and adhered to.   

  • Improve efficiency: By automating contract processes and reducing manual tasks.   

  • Enhance compliance: By ensuring that contracts comply with all relevant laws and regulations. 

  • Strengthen relationships: By fostering trust and transparency with business partners.   

  • Optimize costs: By identifying cost-saving opportunities and avoiding unnecessary expenses.   

7 Contract management processes 

The contract management process can be broken down into several key stages. Let’s explore each one in detail:   

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