Contract management is an important part of any business, as it helps to ensure that all parties involved in a contract are aware of their responsibilities and obligations. The stages of contract management involve the entire process of creating, negotiating, executing, and monitoring a contract. The first stage is the contract initiation stage, which involves the identification of the parties involved, the purpose of the contract, and the terms and conditions of the agreement. The second stage is the contract negotiation stage, which involves the negotiation of the terms and conditions of the agreement. The third stage is the contract execution stage, which involves the signing of the contract and the exchange of any necessary documents. The fourth stage is the contract monitoring stage, which involves the monitoring of the contract to ensure that all parties are adhering to the terms and conditions of the agreement. This stage also involves the review of any changes that may need to be made to the contract. The fifth and final stage is the contract closure stage, which involves the completion of the contract and the termination of any further obligations. This stage also involves the settlement of any disputes that may have arisen during the contract period. All of these stages are essential to ensure that the contract is managed effectively and that all parties involved are aware of their responsibilities and obligations.