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
- Baseline management
- Commitment management
- Communication management.
- Contract visibility and awareness
- Document management
- Growth (for Sales-side contracts)
- Contract Management can be divided into five phases namely:
- Initial Phase
- Bid Phase
- Development Phase
- Manage Phase
- Maintenance Phase
Our contract managemente software: smartLCM Contract Management
With the contract management software smartLCM Contract Management you manage all tasks of contract management, digital, simple and transparent.
smartLCM contract management has been the leading software in matter and contract management for more than 20 years: a powerful contract management tool for your measurable success and the basis for transparent and secure information processes.
The basic functions of modern contract management software are contract administration, contract controlling and deadline monitoring. The IT integration into existing ERP, CRM or other information systems can be easily carried out within the project by means of standards such as CMIS - Interface or SAP Integration Gateways.
No matter whether as a single workstation or as a global enterprise application: smartLCM contract management can be used across multiple locations.