Integral Part of Business

Without contracts, no business can exist, which makes contract management a crucial business activity. Contract management is the process of handling contracts from their request, through their execution, and eventually to their termination or renewal. To run your business efficiently, understanding the basic and key elements of this process is critical.

What It’s All About

The main goal of contract management is to maximize the organization’s operational performance while minimizing potential risk. This part of our blog is dedicated to everything related to this process:

  • Basics of contract management, its role in business, its stages, and best practices
  • How to provide effective contract lifecycle management
  • How to automate contract workflows and who needs it
  • How to choose a CLM solution and maximize its benefits
  • How to evaluate your contract management performance (KPIs) and what can be improved

And much more!

We’re assembling everything you need to know for how to best manage the entire contract lifecycle.

What does contract management mean?

Contract management is the process of managing contracts from their creation, through their execution by the chosen party, and to the eventual termination of the contract. It refers to the large scope of processes that encompass all contract-related operations. CLM systems like AXDRAFT greatly facilitate the contract management process.

What is the role of contract management?

The main purpose of contract management is to efficiently run contract workflows so that both parties save time and effort while enjoying the benefits of business strategies and procedures.

What is contract management and its examples?

Contract management is the process of guiding contracts through their lifecycle. An example of contract management is the process of overseeing a contract’s obligations for vendors, clients, employees or others. 

What are the four components of contract management?
  1. Establishing governance and the contract management team
  2. Planning, establishing, and executing contract administration
  3. Managing relationships
  4. Managing performance
What are contract management skills?
  • Strong negotiation
  • Excellent verbal/written communication and interpersonal intelligence
  • Ability to work independently and on a team
  • Proactivity and problem-solving
  • Proficiency with legal paperwork software, document processing tools, MS Office, and document management systems
  • Ability to prioritize and multitask
  • Attention to detail
  • Proficiency in handling confidential information