Contract management is a way of managing contracts with complete
documented process which enables to manage different kinds of contracts. Which
includes the terms, negotiation, payment terms, clauses, complete work flow and
their renewal factors.
The major aim of contract management specifically
within organizations to ensure all kind of compact and commitments with their
customers or with the suppliers. Contract management helps organizations in a
very effective manner to keep track of their all contracts, which not only
saves the times but also helps to ensure best business strategies. The
importance and awareness of effective contract management have been increased
rapidly in last few years and many organizations are adopting automated
contract management system to streamline their contracts online, which is
helping them effectively to manage and streamline their previous and existing
contracts with their customers and suppliers.