Contract Management Cycle Definition

The contract management cycle is the process of creating, executing, and maintaining contracts. It includes the following steps:

1. Creating the contract: This step involves drafting the contract and getting it approved by the parties involved.

2. Executing the contract: This step involves signing the contract and making sure that it is carried out according to its terms.

3. Maintaining the contract: This step involves keeping track of the contract and making sure that it remains valid and in force.