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The six steps in the contract management process include:
- Contract Creation: Drafting and negotiating the terms of the contract to ensure clarity and mutual agreement.
- Contract Approval: Reviewing the contract for compliance and obtaining necessary approvals from stakeholders.
- Contract Execution: Finalizing the contract with signatures from all parties, making it legally binding.
- Contract Implementation: Ensuring that the terms of the contract are fulfilled by both parties, including monitoring performance and compliance.
- Contract Monitoring: Regularly reviewing contract performance and managing any issues that arise to ensure adherence to terms.
- Contract Renewal or Termination: Evaluating the contract’s effectiveness near its expiration, deciding whether to renew, renegotiate, or terminate the agreement.
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Where can one learn about the contract management process?
There are plenty of places in order for one to learn about the contract management process. However, one might want to check out the website Selectica providing contract management process guide and steps.
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Contract management is the process of managing contract creation, execution, and analysis to maximize operational and financial performance at an organization, all while reducing financial risk. Organizations encounter an ever-increasing amount of pressure to reduce costs and improve company performance. Contract management proves to be a very time-consuming element of business, which facilitates the need for an effective and automated contract management system.
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