Contract Management - Revision history

User at 23:26, 13 September 2023

2023-09-13T23:26:21Z

User at 10:18, 17 January 2023

2023-01-17T10:18:12Z

User at 19:36, 24 March 2021

2021-03-24T19:36:54Z

User at 19:36, 24 March 2021

2021-03-24T19:36:32Z

User at 19:32, 24 March 2021

2021-03-24T19:32:41Z

User: Created page with "'''Contract Management''' is the process of managing contracts, deliverables, deadlines, contract terms and conditions while ensuring Customer S..."

2021-03-24T19:30:42Z

Created page with "'''Contract Management''' is the process of managing contracts, deliverables, deadlines, contract terms and conditions while ensuring Customer S..."

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'''Contract Management''' is the process of managing [[Contract|contracts]], [[Deliverable|deliverables]], deadlines, contract terms and conditions while ensuring [[Customer Satisfaction|customer satisfaction]]. Public and private [[Organization|organizations]] know that purchasing does not end when the contract is awarded. Effective post-award Contract Management is essential.<ref>What Does Contract Management Mean? [https://www.ncmahq.org/community/career-center/what-is-contract-management#:~:text=Contract%20Management%20is%20the%20process,award%20Contract%20Management%20is%20essential. NCMA]</ref>

← Older revision		Revision as of 23:26, 13 September 2023
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	There are many times during the contract management process when lifecycle management becomes important. Vendor performance and risk management are important considerations during the management of contracts. For example, if a vendor fails to meet their contractual obligations, you may need to rework the contract or enforce some disciplinary measure.		There are many times during the contract management process when lifecycle management becomes important. Vendor performance and risk management are important considerations during the management of contracts. For example, if a vendor fails to meet their contractual obligations, you may need to rework the contract or enforce some disciplinary measure.
		+
		+
		+	== See Also ==
		+	#[[Procurement]]
		+	#[[Supplier Relationship Management]]
		+	#[[Contract Lifecycle Management (CLM)]]
		+	#Negotiation Strategies
		+	#Vendor Management
		+	#[[Risk Management]]
		+	#Contract Compliance
		+	#Contract Drafting
		+	#Legal Contract Review
		+	#[[Service Level Agreement (SLA)]]
		+	#Contract Renewal
		+	#Contract Termination
		+	#Contract Auditing
		+	#eSourcing
		+	#Contract Repository
		+
		+
		+	== References ==
		+	<references />

← Older revision		Revision as of 10:18, 17 January 2023
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−	'''Contract Management''' is the process of managing [[Contract\|contracts]], [[Deliverable\|deliverables]], deadlines, contract terms and conditions while ensuring [[Customer Satisfaction\|customer satisfaction]]. Public and private ~~[[Organization\|~~organizations]] know that purchasing does not end when the contract is awarded. Effective post-award Contract Management is essential.<ref>What Does Contract Management Mean? [https://www.ncmahq.org/community/career-center/what-is-contract-management#:~:text=Contract%20Management%20is%20the%20process,award%20Contract%20Management%20is%20essential. NCMA]</ref>	+	'''Contract Management''' is the process of managing [[Contract\|contracts]], [[Deliverable\|deliverables]], deadlines, contract terms and conditions while ensuring [[Customer Satisfaction\|customer satisfaction]]. Public and private organizations know that purchasing does not end when the contract is awarded. Effective post-award Contract Management is essential.<ref>What Does Contract Management Mean? [https://www.ncmahq.org/community/career-center/what-is-contract-management#:~:text=Contract%20Management%20is%20the%20process,award%20Contract%20Management%20is%20essential. NCMA]</ref>

@@ Line 2: / Line 2: @@
-'''Stages of Contract Management Process<ref>What are the stages of the contract management process? [https://www.businessnewsdaily.com/4813-contract-management.html Business News Daily]/ref>'''<br />
+'''Stages of Contract Management Process<ref>What are the stages of the contract management process? [https://www.businessnewsdaily.com/4813-contract-management.html Business News Daily]</ref>'''<br />
 While there are many components of contract management, we can summarize the process by breaking it into five clear stages: creation, collaboration, signing, tracking and renewal. We can further identify individual steps within the stages. In all, we can break the process down into nine steps, each of which contributes to one of the five overarching stages. This makes it easier to manage the end-of-quarter crunch that tends to happen when it's time for a new round of contracts. Here are the steps of each stage:
 *Creation

@@ Line 2: / Line 2: @@
-What are the stages of the contract management process?
+'''Stages of Contract Management Process<ref>What are the stages of the contract management process? [https://www.businessnewsdaily.com/4813-contract-management.html Business News Daily]/ref>'''<br />
-While there are many components of contract management, we can summarize the process by breaking it into five clear stages: creation, collaboration, signing, tracking and renewal.
+While there are many components of contract management, we can summarize the process by breaking it into five clear stages: creation, collaboration, signing, tracking and renewal. We can further identify individual steps within the stages. In all, we can break the process down into nine steps, each of which contributes to one of the five overarching stages. This makes it easier to manage the end-of-quarter crunch that tends to happen when it's time for a new round of contracts. Here are the steps of each stage:
+*Creation
-We can further identify individual steps within the stages. In all, we can break the process down into nine steps, each of which contributes to one of the five overarching stages. This makes it easier to manage the end-of-quarter crunch that tends to happen when it's time for a new round of contracts. Here are the steps of each stage:
+**Initial requests. The contract management process begins by identifying contracts and pertinent documents to support the contract's purpose.
+**Authoring contracts. Writing a contract by hand is a time-consuming activity, but through the use of automated contract management systems, the process can become quite streamlined.
-Creation
+*Collaboration
-. Initial requests. The contract management process begins by identifying contracts and pertinent documents to support the contract's purpose.
+**Negotiating the contract. After drafting the contract, employees should be able to compare versions of the contract and note any discrepancies to reduce negotiation time.
-. Authoring contracts. Writing a contract by hand is a time-consuming activity, but through the use of automated contract management systems, the process can become quite streamlined.
+*Signing
-Collaboration
+**Approving the contract. Getting management approval is the step where most bottlenecks occur. Users can preemptively combat this by creating tailored approval workflows, including parallel and serial approvals to keep decisions moving at a rapid pace.
-. Negotiating the contract. After drafting the contract, employees should be able to compare versions of the contract and note any discrepancies to reduce negotiation time.
+**Execution of the contract. Executing the contract allows users to control and shorten the signature process through the use of electronic signature and fax support.
-Signing
+*Tracking
-. Approving the contract. Getting management approval is the step where most bottlenecks occur. Users can preemptively combat this by creating tailored approval workflows, including parallel and serial approvals to keep decisions moving at a rapid pace.
+**Obligation management. This requires a great deal of project management to ensure deliverables are being met by key stakeholders and the value of the contract isn't deteriorating throughout its early phases of growth.
-. Execution of the contract. Executing the contract allows users to control and shorten the signature process through the use of electronic signature and fax support.
+**Revisions and amendments. Gathering all documents pertinent to the contract's initial drafting is a difficult task. When overlooked items are found, systems must be in place to amend the original contract.
-Tracking
+**Auditing and reporting. Contract management does not mean drafting a contract and then pushing it into the filing cabinet without another thought. Contract audits are important in determining both organizations' compliance with the terms of the agreement and any possible problems that might arise.
-. Obligation management. This requires a great deal of project management to ensure deliverables are being met by key stakeholders and the value of the contract isn't deteriorating throughout its early phases of growth.
+*Renewal
-. Revisions and amendments. Gathering all documents pertinent to the contract's initial drafting is a difficult task. When overlooked items are found, systems must be in place to amend the original contract.
+**Renewing. Manual contract management methods can often result in missed renewal opportunities and lost business revenue. Automating the process allows an organization to identify renewal opportunities and create new contracts.
-. Auditing and reporting. Contract management does not mean drafting a contract and then pushing it into the filing cabinet without another thought. Contract audits are important in determining both organizations' compliance with the terms of the agreement and any possible problems that might arise.
+Much of contract management comes down to handling these nine steps. [[Contract Lifecycle Management (CLM)|Contract lifecycle management]] is critical. As different contract types go through their various stages, contract managers need to monitor any potential changes or breaches of contract. If an employee or business is unhappy with their contract, it might be worth making alterations to the contract. It's important to follow contractual obligations while also making sure both sides of the contract are happy.
 There are many times during the contract management process when lifecycle management becomes important. Vendor performance and risk management are important considerations during the management of contracts. For example, if a vendor fails to meet their contractual obligations, you may need to rework the contract or enforce some disciplinary measure.

← Older revision		Revision as of 19:32, 24 March 2021
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	'''Contract Management''' is the process of managing [[Contract\|contracts]], [[Deliverable\|deliverables]], deadlines, contract terms and conditions while ensuring [[Customer Satisfaction\|customer satisfaction]]. Public and private [[Organization\|organizations]] know that purchasing does not end when the contract is awarded. Effective post-award Contract Management is essential.<ref>What Does Contract Management Mean? [https://www.ncmahq.org/community/career-center/what-is-contract-management#:~:text=Contract%20Management%20is%20the%20process,award%20Contract%20Management%20is%20essential. NCMA]</ref>		'''Contract Management''' is the process of managing [[Contract\|contracts]], [[Deliverable\|deliverables]], deadlines, contract terms and conditions while ensuring [[Customer Satisfaction\|customer satisfaction]]. Public and private [[Organization\|organizations]] know that purchasing does not end when the contract is awarded. Effective post-award Contract Management is essential.<ref>What Does Contract Management Mean? [https://www.ncmahq.org/community/career-center/what-is-contract-management#:~:text=Contract%20Management%20is%20the%20process,award%20Contract%20Management%20is%20essential. NCMA]</ref>
		+
		+
		+	What are the stages of the contract management process?
		+	While there are many components of contract management, we can summarize the process by breaking it into five clear stages: creation, collaboration, signing, tracking and renewal.
		+
		+	We can further identify individual steps within the stages. In all, we can break the process down into nine steps, each of which contributes to one of the five overarching stages. This makes it easier to manage the end-of-quarter crunch that tends to happen when it's time for a new round of contracts. Here are the steps of each stage:
		+
		+	Creation
		+	1. Initial requests. The contract management process begins by identifying contracts and pertinent documents to support the contract's purpose.
		+	2. Authoring contracts. Writing a contract by hand is a time-consuming activity, but through the use of automated contract management systems, the process can become quite streamlined.
		+	Collaboration
		+	3. Negotiating the contract. After drafting the contract, employees should be able to compare versions of the contract and note any discrepancies to reduce negotiation time.
		+	Signing
		+	4. Approving the contract. Getting management approval is the step where most bottlenecks occur. Users can preemptively combat this by creating tailored approval workflows, including parallel and serial approvals to keep decisions moving at a rapid pace.
		+	5. Execution of the contract. Executing the contract allows users to control and shorten the signature process through the use of electronic signature and fax support.
		+	Tracking
		+	6. Obligation management. This requires a great deal of project management to ensure deliverables are being met by key stakeholders and the value of the contract isn't deteriorating throughout its early phases of growth.
		+	7. Revisions and amendments. Gathering all documents pertinent to the contract's initial drafting is a difficult task. When overlooked items are found, systems must be in place to amend the original contract.
		+	8. Auditing and reporting. Contract management does not mean drafting a contract and then pushing it into the filing cabinet without another thought. Contract audits are important in determining both organizations' compliance with the terms of the agreement and any possible problems that might arise.
		+	Renewal
		+	9. Renewing. Manual contract management methods can often result in missed renewal opportunities and lost business revenue. Automating the process allows an organization to identify renewal opportunities and create new contracts.
		+	Much of contract management comes down to handling these nine steps. Contract lifecycle management is critical. As different contract types go through their various stages, contract managers need to monitor any potential changes or breaches of contract. If an employee or business is unhappy with their contract, it might be worth making alterations to the contract. It's important to follow contractual obligations while also making sure both sides of the contract are happy.
		+
		+	There are many times during the contract management process when lifecycle management becomes important. Vendor performance and risk management are important considerations during the management of contracts. For example, if a vendor fails to meet their contractual obligations, you may need to rework the contract or enforce some disciplinary measure.