Contract Management Software Legal Definition
A contract management software is a computer program or set of programs that helps organizations manage their contract portfolio. It enables users to create, store, and track contracts and related documents. The software typically includes features for version control, workflow management, and document management.
The term ‘contract management software‘ is not formally defined in any legal code or regulation. However, the Federal Acquisition Regulation (FAR) Part 4 provides guidance on the use of automated systems for contracting, which includes contract management software. In order to comply with the FAR, contracting agencies must ensure that their contract management software meets certain requirements, including:
– The ability to track key information about each contract, such as performance metrics and deliverables;
– Version control so that only the most recent copy of a contract is accessible;
– Workflow management to route contracts through the appropriate approval process; and
– Document management to store and organize all related documents in one place.
While there is no formal definition of contract management software, the FAR provides guidance on what features such software must have in order to be used in government contracting.
