Vendor Contract Management Process is the systematic approach of creating, storing, modifying and archiving all contracts related to vendors. This process provides visibility into vendor performance, ensures compliance with contract terms and conditions, and ultimately optimizing costs and improving operational efficiency. In essence, it is a business process which allows organizations to maintain their existing vendor relationships while ensuring that they remain competitive in the long run. Proper management of vendor contracts also facilitates accountability, providing oversight of how well a vendor is meeting its obligations throughout the lifespan of the agreement. By streamlining this process, businesses can maximize the return on their investments while ensuring optimal vendor performance.