The 7 Stages of a Contract Management System

Contract management is the process of effectively administering and overseeing contracts throughout their lifecycle, from creation to execution and beyond. It involves activities such as negotiating, drafting, reviewing, monitoring, and enforcing contracts to ensure compliance with the agreed-upon terms and conditions. Contract management aims to optimize contract performance and maximize the value derived from contractual relationships. The contract management process involves collaboration among various stakeholders, including legal teams, procurement departments, and business professionals, to ensure that contracts align with organizational objectives and legal requirements. The goal of contract management is to enhance efficiency, mitigate potential disputes, and optimize the overall value and outcomes of contracts.