Contract management is important because it provides a system for managing and tracking contracts. This system can help organizations to avoid legal disputes, save money, and improve communication. Organizations use contract management systems to store, track, and manage their contracts. These systems can be used to track the status of contracts, monitor performance, and ensure compliance with terms and conditions. Contract management systems can also help organizations to identify opportunities for cost savings. The benefits of using a contract management system include: -Improved communication between parties -Avoidance of legal disputes -Increased transparency –Improved efficiency -Reduced costs