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What is the definition of contract management?
In literature and on the internet you will find various explanations, which often are based on articles about contract management in Wikipedia, which also provides various definitions:
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.The personnel involved in Contract Administration required to negotiate, support and manage effective contracts are expensive to train and retain. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk.
The business-standard contract management model, as employed by many organizations in the United States, typically exercises purview over the following business disciplines:
Authoring and negotiation
Contract visibility and awareness
Growth (for Sales-side contracts)
Contract Management can be divided into five phases namely: