Procurement Terms



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Contract Management

Contract management refers to the processes and strategies organizations use to manage the lifecycle of their contracts with suppliers or other parties. Contract management typically involves the following stages: contract creation, negotiation, execution, monitoring, and renewal or termination.

The key objectives of contract management are to ensure compliance with contract terms, minimize risk, and maximize value for the organization. This is typically achieved through a range of activities, including contract drafting, review, and approval, contract monitoring and tracking, and contract renewal or termination.

Contract management can also involve the use of technology tools and processes to track and manage contract information, such as key dates, terms, and obligations. This can help organizations to auto-identify and mitigate contract risks, such as non-compliance, performance issues, or disputes.

Effective contract management can help organizations reduce costs, improve supplier performance, and enhance operational efficiency. It is a critical function within procurement and is essential for organizations seeking to achieve their strategic objectives and maximize their return on investment.

Category Management Contract Management Procurement Strategy Risk Management Supplier Management