Contract Management: What it is and why it Matters

This Skill Bit talks about how contract management oversees parties’ compliance with obligations, performance standards, and agreed terms throughout a contract’s lifecycle, from creation to closure. It ensures adherence to terms and monitors performance from inception to completion. Effective contract management is vital for mitigating risks, controlling costs, ensuring compliance, monitoring performance, and fostering positive relationships. It mitigates disputes, controls expenses, ensures legal compliance, optimizes performance, and enhances collaboration.

Duration approx. 3 Min.

Tier: basics

A part of The Fundamentals of Contract Management: Onboarding for Professionals course.