What is contract management?
Contract management is the term used to describe the formal process of managing and administering contracts from the identification of the need for the contract to the completion of the contract.DefinitionAccording to the Business Dictionary, “contract management is the administrative activities associated with handling of contracts, such as: (1) invitation to bid, (2) bid evaluation, (3) award of contract, (4) contract implementation, (5) measurement of work completed, and (6) computation of payments.”FeaturesContract management includes monitoring the contract relationship to ensure that the terms of the contract are being followed and that the objectives of the parties are being met.BenefitsContract management may involve addressing contract ambiguities and resolving contract problems by incorporating necessary changes or modifications into the contract.IdentificationContract management is also called “contract administration.”Fun FactThe National Contract Management Association (NC
