Vendor Contract Management is the process of planning, executing and supervising contractual agreements with vendors or suppliers. It involves developing standards and procedures for both parties to adhere to, as well as assessing risk and performance management. Effective vendor contract management can save businesses time and money, which is why it’s essential to have a comprehensive understanding of its processes. With the right strategies in place, organizations can ensure they’re getting the most out of their vendor contracts while avoiding any unwelcome surprises.