Contract Management
Contract Management involves the systematic creation, execution, and monitoring of business contracts to ensure compliance, reduce risks, and improve operational efficiency.
Types Of Contract Management
Contract Management can be categorized into multiple types based on purpose and control mechanisms.
Procurement Contracts
For vendor and supplier management.
Sales Contracts
Managing customer and client agreements.
Service Contracts
Covering maintenance or third-party services.
Employment Contracts
Managing employee obligations and rights.
Partnership Contracts
For joint ventures and collaborations.
Lease/License Contracts
Covering property or intellectual property use.
Why Contract Management Is Important?
Risk Reduction
Prevents financial and legal disputes.
Performance Tracking
Monitors deliverables and timelines.
Compliance Management
Ensures adherence to policies and laws.
Centralized Documentation
Maintains all contracts digitally.
FAQs
What is contract management?
Managing contract lifecycle from creation to closure.
Why is it important?
It reduces legal risk and ensures compliance.
Who handles it?
Legal, procurement, or operations teams.
Can contracts be automated?
Yes, through contract management software.
What industries need it most?
Manufacturing, IT, and services.
Is digital signature valid?
Yes, as per the IT Act and e-governance laws.