Sourcing and Contract Management is a critical business process that helps organizations identify, evaluate, and select suppliers and vendors to meet their needs. It is the process of managing the entire lifecycle of a contract, from the initial selection of suppliers and vendors to the final delivery of goods and services. This process includes the development of sourcing strategies, the negotiation of contracts, the management of the contract, and the resolution of disputes. It is important for organizations to have a well-defined and effective sourcing and contract management process in place to ensure that they are getting the best value for their money and that their suppliers and vendors are meeting their expectations. This process also helps organizations to ensure that they are compliant with applicable laws and regulations, and that they are protecting their interests in the event of a dispute.