Contract management refers to the process of overseeing and administering procurement contracts throughout their lifecycle. Contract management in procurement is the formal system of business transactions.Contract management is a process of managing your contracts as part of legal documentation. Contract management in Procurement is used to manage endtoend contracting with your suppliers, customers and other third parties. Contract management in procurement involves monitoring buy and sell-side vendor contracting. Delivery under the contract. What Should a Perfect Procurement Contract Management System Look Like? Effective contract management is an integral aspect of procurement, involving various disciplines such as law, business, and compliance. In the first place, it should be automated as much as possible. Ready to modernize your purchasing process and reduce your AP workload through automation?