Contracts define business relationships for companies of any size in any industry. They are the backbone of any organization, which is why managing them effectively is critical to the success of your business. Whether you work in procurement, legal, compliance, risk management, or sales operations, contract management has an impact on your daily life.
Contracts are an essential part of any organization. They define the terms and conditions for each business relationship, driving a company’s success. Contracts are living documents in constant need of attention and nurturing. Many people view the contracting process as a straightforward process, consisting only of creation, negotiation, approval and storage. In fact, the process has one more step, perhaps the most critical, which is management.