What is the process of Contract Management?

Contract management is the process of overseeing contract creation, execution, and analysis to maximize operational and financial performance. It involves the following steps:

Contract creation: Drafting and negotiation.
Execution: Signing and formalizing the agreement.
Monitoring: Tracking performance, deadlines, and compliance.
Amendments: Making revisions as needed.
Renewal or termination: Closing the contract or extending it.
Effective contract management ensures clarity, reduces risks, and enhances relationships.