Six Stages of Contract Management Lifecycle

A contract forms the backbone of any professional relationship that an organization develops during its lifetime. Effective management of a contract is essential for any organization to maximize its performance for a stronger, healthier, valuable, and longer life period because an effective and robust contract management process that guides the entire life cycle of a contract, ultimately molds the future of an organization. Contract Management is the process of managing the entire life cycle of a contract, in a systematic manner, from the stage of its initiation till the stage of its termination or renewal. It ensures that the procedural aspects of the contract function smoothly, in order to maximize the business productivity and profits. Keeping a track of all the information is a complex and cumbersome task. Therefore, the ultimate goal behind contract management is to minimize the potential bottlenecks and risks associated with the business, and ensure the contracted goods or services are delivered in compliance with the contract entered between the parties. Whether you are an experienced professional or a rookie, this guide will help you manage your contracts efficiently.