Contract management or contract administration deals with the management of contracts with the customers, vendors, suppliers and employees. An organization can wear different hats while dealing with different sets of people—sometimes as a vendor, sometimes as a customer or sometimes as a supplier. Contract management departments are the highly spe-cialized teams. They often have representatives from finance and legal departments. Before going into the details of contract management, let’s discuss the procurement processes and when we should get into contracts.
A contract is a formal legally binding agreement between two or more parties, individuals, businesses, organizations, or government ...