There are many steps involved in contract management, from creating the initial contract to maintaining and renewing it. Here is a step-by-step guide to help you manage your contracts effectively: 1. Create the initial contract: The first step is to create the initial contract. This will include all of the terms and conditions of the agreement between you and the other party. Make sure that you understand all of the terms before you sign the contract. 2. Maintain the contract: Once the contract is signed, it is important to maintain it. This includes keeping track of any changes or modifications that are made to the contract. Be sure to document all changes so that there is a record of what was agreed upon. 3. Renew the contract: As time goes on, you may need to renew your contract. This can be done by negotiating new terms with the other party or simply signing a new contract with similar terms. Either way, be sure to review the entire document before agreeing to anything so that you understand all of the changes that have been made.