Contract Management
In Business
As the world economy recovers from recession, pressure to extract greater value from contracted relationships to avoid unnecessary costs and risks or to deliver customer projects profitably, has placed Contract Management at the centre of business strategy for the world's leading companies.
Pre-Award and Post-Award Contract Management
Contract Management activities can be broadly classified in to two groupings: Pre-award and Post-Award Contract Management.
Pre-Award Contract Management encapsulates all activities in the contracting process from initial request, or reception of third party contracts, to the final executed copy of the contract and often incorporates activities like contract request processes, contract drafting or authoring, internal reviews, external party negotiation and archiving contract documents.
Post-Award Contract Management is more concerned with managing contract-related milestones, commitments and obligations and can involve the analysis and interrogation of contract and transactional data to provide business users with real-time management information to maximize the value from contracted relationships.
