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Here are 6 strategies for effective contract management. Do a Background Check. ... Establish Points of Contact. ... Establish the Contract Lifecycle. ... Agree on Review Process. ... Outline The Consequences of Delays. ... Step Back, Document, and Evaluate. ... Takeaway.
We have discussed the first three stages of contract lifecycle management: contract request, contract authoring, and contract approval. The fourth stage of contract lifecycle management is contract execution.
A contract management plan (CMP) is a document that outlines the roles, responsibilities, and expectations of all parties involved in a contract. The plan should address how the contract will be managed from start to finish, from the drafting process to post-contractual obligations.
18 Must-Have Features for a Contract Management System Easy-to-Use Dashboard. Intuitive Configuration. Central Contract Repository. Document Storage and Organization. OCR/AI. Automated Alerts. Monitoring and Reporting. Version tracking.
How to create a contract management plan Define the contract scope and deliverables. ... Define your delivery goals and performance measures. ... Collect available resources. ... Lay out roles and responsibilities. ... Create a detailed timeline of delivery dates. ... Identify risks and how they can be managed.