Contract Management is the process of managing legally binding agreements from the initial stages of deciding on the services needed, choosing of a provider of services, negotiation, and monitoring of the service until the contract ends that is the systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximising financial and operational performance and minimising risk. The Contract Management is the management of contracts made with goods and services suppliers, partners, or employees, etc., that includes negotiating the terms and conditions in contracts and ensuring compliance, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
Related Definitions in the Project: The Project Contract; Project Management; Change Management; Procurement
