Contracts Management Process

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A Contracts Management Process is a legal document management process to manage legal contracts throughout their contract lifecycle, from inception to completion.

References

2023

  • (ChatGPT, 2023) ⇒ https://chat.openai.com
    • Contract management is the process of overseeing and administering the entire lifecycle of a contract, from its inception to completion. It involves managing the creation, negotiation, execution, performance monitoring, and termination or renewal of contracts. Contract management helps organizations ensure that their contracts are legally binding, compliant with applicable laws and regulations, and fulfill the intended objectives while minimizing risks and enhancing efficiency.
    • Key components of contract management include:
      1. . Contract creation: Drafting the initial terms and conditions of a contract, which may involve using standard templates or customizing a new contract based on the specific needs of the parties involved.
      2. . Contract review: A thorough examination of the contract to ensure accuracy, completeness, and compliance with relevant laws and regulations. This step helps identify potential issues, risks, or inconsistencies that need to be addressed before the contract is finalized and executed.
      3. . Contract negotiation: The process of discussing and agreeing upon the terms and conditions of a contract between the parties involved. Negotiation may involve proposing alternative language, requesting additional information, or suggesting modifications to address concerns.
      4. . Contract execution: The signing of the contract by all parties involved, making it legally binding and enforceable.
      5. . Contract performance monitoring: Tracking and evaluating the performance of a contract throughout its lifecycle, ensuring that all parties fulfill their obligations and adhere to the agreed-upon terms.
      6. . Contract compliance: Ensuring that the contract remains compliant with all applicable laws, regulations, and industry standards, as well as the internal policies and procedures of the organizations involved.
      7. . Contract modification or amendment: Making changes to an existing contract to reflect new requirements, address unforeseen circumstances, or resolve disputes. This may involve revising specific terms, adding new clauses, or deleting outdated provisions.
      8. . Contract termination or renewal: At the end of the contract term, parties may decide to terminate the agreement or renew it based on their needs and the contract's performance. This process involves evaluating the contract's overall success, identifying any potential risks or benefits associated with renewal, and negotiating new terms if necessary.
    • Effective contract management helps organizations optimize their contractual relationships, reduce risks, and achieve better outcomes. By having a comprehensive understanding of each contract's terms and conditions, organizations can make informed decisions, monitor performance, and maintain compliance throughout the contract lifecycle.

2023

  • (Icertis, 2023) ⇒ "What is Contract Lifecycle Management?."
    • QUOTE: Contract lifecycle management (CLM) is the management of an organization’s contracts from initiation through execution, performance, and renewal/expiry.

      Effective and proactive contract lifecycle management is achieved through the use of contract management software. CLM software can lead to significant improvements in cost savings and efficiency. Understanding and automating CLM can also limit an organization’s exposure to risk by reducing missed obligations and increasing compliance with legal requirements.

    • Critical Steps in the Contract Lifecycle Management (CLM) Process

      While each of these steps is vital in the contract management process, some steps have traditionally gotten more attention than others. For example, for years, software devoted to managing contract templates in an organization has been available.

      More recently, with the rise of tools like artificial intelligence and machine learning, post-execution contract management has gained more attention as a way to accelerate, protect and optimize businesses.

2018

  • (Wikipedia, 2018) ⇒ https://en.wikipedia.org/wiki/Contract_management Retrieved:2018-2-21.
    • Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. The personnel involved in contract administration required to negotiate, support and manage effective contracts are often expensive to train and retain. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Common commercial contracts include employment letters, sales invoices, purchase orders, and utility contracts. Complex contracts are often necessary for construction projects, goods or services that are highly regulated, goods or services with detailed technical specifications, intellectual property (IP) agreements, outsourcing and international trade. Most larger contracts require the effective use of contract management software to aid administration among multiple parties. A study has found that for "42% of enterprises...the top driver for improvements in the management of contracts is the pressure to better assess and mitigate risks" and additionally,"nearly 65% of enterprises report that contract lifecycle management (CLM) has improved exposure to financial and legal risk."

2009

2004

  • (Turner, 2004) ⇒ JR Turner. (2004). "Farsighted Project Contract Management: Incomplete in its entirety.” In: Construction Management and Economics, Taylor & Francis.
    • QUOTE: The purpose of project organization is to create a cooperative environment. Contracts are the method by which the owner creates a project organization to employ resources to achieve …

2003

2001

  • (Turner & Simister, 2001) ⇒ JR Turner, SJ Simister. (2001). "Project Contract Management and a Theory of Organization.” In: International journal of project management, Elsevier.
    • QUOTE: This paper attempts to develop concepts of project and contract organization to predict the selection of contract type on infrastructure projects. Conventional wisdom is that at low-risk …
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