What are the Key Components of Contract Management?
Effective contract management involves several key components:
Contract Creation: The process of drafting, reviewing, and approving contracts. This includes defining the terms and conditions and ensuring they align with business objectives. Contract Execution: Once a contract is created, it needs to be executed. This involves signing the contract and ensuring that all parties meet their commitments. Contract Monitoring: Continuously tracking contract performance to ensure that all terms are being met and identifying any issues that may arise. Contract Renewal and Termination: Managing the renewal or termination of contracts as they approach their end date, ensuring that this is done in a timely and efficient manner.