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.
