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Contract Management
The ongoing management of supplier contracts, ensuring compliance with terms and monitoring performance against agreed KPIs.
Implications
The process of overseeing and administering contracts from creation through execution to closure, ensuring compliance with terms, managing changes, and mitigating risks.
Example
Example: A construction firm invests in contract management software to track the progress of various contracts, manage amendments, and ensure that all obligations are met on time.
Related Terms
Different from contract negotiation, which focuses on reaching an agreement, contract management is about ensuring that the terms of the contract are fulfilled over its lifecycle.
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