Contract Management Workflow Definition
A contract management workflow is a set of defined steps for managing contracts throughout their lifecycle. Typically, a contract management workflow will include steps for creating, executing, and monitoring contracts.
The specific steps involved in a contract management workflow will vary depending on the organization and the type of contract being managed. However, there are some common elements that are typically included in most contract management workflows.
Creating a Contract: The first step in any contract management workflow is to create the contract itself. This usually involves drafting the initial agreement between the parties involved and ensuring that all required information is included.
Executing a Contract: Once the contract has been created, it needs to be executed. This typically involves both parties signing the agreement and exchanging any required documentation or payments.
Monitoring a Contract: After a contract has been executed, it’s important to monitor its performance to ensure that both parties are upholding their end of the bargain. This may involve periodically checking in with both parties or reviewing data related to the contract (such as usage statistics).
Taking Action on a Contract: If either party isn’t fulfilling their obligations under the contract, it may be necessary to take action. This could involve renegotiating the terms of the agreement, terminating the contract early, or taking legal action.
