What is contract management system?
Contracts are legal documents that serve as formal agreements between parties. Businesses today have established contract management systems within their organizations that function to ensure contractual compliance by monitoring, tracking and auditing compliance deliverables.HistoryThe way contracts have been monitored throughout history has gone from informal gestures to documented procedures. Instead of the old handshake approach to agree on contractual terms, businesses today are discovering that contract management systems do a better job of ensuring contractual compliance.FunctionContract management systems are compliance driven to manage the deliverables in contractual dealings. Whether an organization dedicates a contact management department for this oversight or utilizes a contract management software system, the objectives are the same: monitor compliance and flag non-compliant issues.FeaturesContact management systems are made up of indicators designed to monitor specific co
