Contract management refers to the process of managing contracts from creation to execution and beyond. It involves ensuring that all parties involved in a contract fulfill their obligations and that the terms of the contract are met. Effective contract management requires a thorough understanding of the terms of the contract, as well as the ability to track and monitor performance against those terms. This includes managing changes to the contract, such as amendments or renewals, and ensuring that all parties are aware of any changes. Contract management also involves managing risks associated with the contract, such as non-compliance or breach of contract. This requires a proactive approach to identifying and mitigating risks, as well as the ability to respond quickly to any issues that arise. Effective contract management can help organizations to reduce costs, improve efficiency, and minimize risk, while also ensuring that contracts are executed in a timely and effective manner.
