Contract management is the process of administering and managing contracts throughout their lifecycle, from initiation to completion. This includes negotiating and drafting contracts, enforcing contractual obligations, and resolving disputes that may arise during the course of the contract.
The goal of contract management is to ensure that all parties involved in a contract fulfill their obligations in a timely and efficient manner, while also protecting the interests of all parties involved. In order to do this, contract management requires strong communication and negotiation skills, as well as a thorough understanding of the law.
There are many software programs available that can help with contract management, but it is ultimately up to the human beings involved in the contract to make sure that it is managed properly. With proper contract management, businesses can avoid costly mistakes and disputes, and ensure that all parties involved in a contract are satisfied with the terms.