Contract Management System Definition
A contract management system is a software application that helps organizations automate the creation, execution and management of contracts. The system automates key contract-related tasks such as request for proposal (RFP) generation, contract negotiation, approvals and signature. It also provides a repository for storing and tracking contracts and associated documents.
The benefits of using a contract management system include improved efficiency and accuracy in the contracting process, reduced risk of compliance issues, and better visibility into contractual obligations.
