The contract lifecycle, from creation, documentation, monitoring, accountability, risk assessment to archiving. Contract management includes taking care of the contractual negotiations between client and contractor, implementation of contracts and enactment of contract amendments for technical, scheduling, staffing or financial reasons.
Contract management refers to all activities of the project management, dealing with the development, management, customization and implementation of all contracts in a project.
In practice, contract management is regarded as the foundation for the business activities of a company and thus represents a global as well as a complex business issue.
LCM Contract Management covers the entire contract life-cycle, from creation, documentation, monitoring, responsibilities, risk assessment to archiving. The simplest generation, filing, researching and evaluation of contracts. Depending on the type of contract, optional process steps and activities for compliance, monitoring and the securing of the contract process can be used.