What is Contract Mangement Life Cycle.
What is Contract Mangement Life Cycle.
Contract management :
The process of managing contracts is known as contract management. This covers deliverables, deadlines, and contract terms and conditions. However, it is not only about streamlining the contract process; it is also about managing clients and their pleasure. Often, people only consider the events leading up to the contract being signed, which is known as contract administration. While the negotiating stage is critical, it is a mistake to ignore what happens after the contract is awarded. This is where the actual contract management begins.
Contract management is used in both the public and commercial sectors to efficiently manage contracts after they have been signed in order to improve operational and financial performance. It also helps to lower the organization's financial risk. A strong contract management approach, while time-consuming, minimizes costs and increases performance.
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