In the contract date section, users must populate the following mandatory elds: E ective Date: The contract start date. To begin with an existing template (e.g., to create a new template that is similar to an existing one), click the Select. Some contracts specify a per-day rate for liquidated damages. Contract management is the practice of managing contract formulation, implementation, and assessment in order to maximize an organization's performance. The foundation of any good business is contract management. Learn everything you'll need to know about the contract lifecycle here. Contract management is the process of managing legallybinding agreements from initiation through to execution. What is contract management? Contract management - also known as contract lifecycle management – is a process for managing contracts and finances.