Contracts play a vital role in the daily operation and can inole any departments in an organization. Contracts are an essential part of running a business for implementing agreements involving external parties.
Contract management is the approach of creating, storing, organizing, searching and retrieving. The approach can be supported by legal technology to includes the process of creating contracts by business users, determining the terms of the agreement, contract negotiations, execution and renewals.
Implementing a contract management system is a must for an organization to experience increased productivity, improved visibility and to maintain total control of contracts and to keep track of its obligations to clients, vendors and service providers.
Contract Management is not an in-house imitative and must be organization value proposition for improving efficiency by implementing SOP supported by software. General counsels will own the contract lifecycle management.