Procurement Contract Management Process is the official business definition for the process of overseeing and managing contracts from the point of initiation to the point of completion. This process involves a variety of activities, including contract negotiation, contract execution, contract administration, and contract closure. During the negotiation phase, the parties involved in the contract agree on the terms and conditions of the agreement. During the execution phase, the parties sign the contract and the terms and conditions are implemented. During the administration phase, the parties monitor the performance of the contract and take corrective action when necessary. Finally, during the closure phase, the parties evaluate the performance of the contract and determine whether it has been successful or not. The Procurement Contract Management Process is an important part of any business, as it helps to ensure that contracts are properly managed and that the parties involved are satisfied with the results.
