The term contract management means managing contracts made by a business with customers,vendors ,employees, distributors etc. The aim of contract management is to make and comply with contract term and conditions to ensure customers satisfaction. It is the process where business negotiates the terms and conditions in contracts and ensure its compliance and agreeing on any changes that may arise during its execution .it helps to increase efficiency and performance of the operations . Hence contract management is required for every buiness and it is strongly recommended for parties agreeing on terms and conditions and making a contract .
Contract management works or involves the following areas:
- Communication skills and management
- Creating documents
- Contract compliance and governance.
- Growth management.