CONTRACT MANAGEMENT SYSTEM

The Contract Management System should be such that it yields more benefits rather than adding on to your present set of troubles and the system should consist of:

Core workflow management system to facilitate and manage execution of new contracts with ease.
Timelines and Calendars which would specify the timeframes stated in the Contracts related to the performance of the obligations specified in the Contracts.
Check lists to manage information and activities within the contract life cycle.
Compliance monitoring.
Document depositories to hold active and standard contracts for use by the company.
Management of issues or problems that arise at the time of fulfilling the obligations specified in the Contract.
In instances of non-adherence with the contract, the measures that could be taken to correct such non adherence.

Contract Management information will clearly show as to which contracts:

Have greatest risk potential.
Are costly to manage.
Are the most valuable.
Are close to being renewed.
Take an excess amount of time to manage.

What is Contract Management?

Contracts and partnerships are an essential part of today’s business culture. Contract management is becoming an integral part of project management, and...

Why Contract Management is important?

Contract Management is important for the parties because:
It set standards for the services, performance or goods provided by one party to the other party.

What should a Contract Management System have?

The Contract Management System should be such that it yields more benefits rather than adding on to your present set of troubles and the system should consist of...

What are the services provided under Contract Management?

Service delivery management is concerned with ensuring the service is being fully delivered as agreed between the parties...

Benefits of Contract Management

Standardized Processes and Procedures: This ensures that the contracts are all created, maintained and monitored in a standardised manner and reduces the risk on the parties...

Essentials of Contract Management

In order to explain what contract management we must analyze the aspects and features of Contract management itself and these are: