Contract management is the process of managing contracts throughout their lifecycle, from negotiation and signing to renewal and termination. It includes identifying and mitigating risks, maximizing value, and ensuring compliance with contractual terms.
The goal of contract management is to create relationships that are beneficial for both parties involved in the contract. This means getting the best possible value for goods or services, while also ensuring that both parties uphold their end of the bargain.
To achieve these goals, contract managers must have strong negotiation skills, as well as an understanding of legal and financial principles. They must also be able to effectively communicate with both internal and external stakeholders.