contract-management

Vocabulary Word

Definition

'Contract management' is the process of managing contracts from start to finish. This includes creating, negotiating, executing, and analyzing contracts to ensure they are completed successfully.

Examples in Different Contexts

In procurement, contract management ensures that vendors meet their contractual obligations regarding quality, delivery, and pricing. A procurement officer might say, 'Our contract management process includes regular performance reviews to ensure compliance and identify opportunities for cost savings.'

Practice Scenarios

Legal

Scenario:

The legalities around our contractual obligations need to be handled carefully. Let's examine the clauses for any potential hazards.

Response:

Contract management is crucial here. A thorough review of the contract is necessary to avoid any potential liabilities.

Tech

Scenario:

Our service level agreement with the cloud provider needs a thorough revisit. We should ensure our needs and expectations are clearly laid out.

Response:

You're right. We should employ rigorous contract management to safeguard our interests in the service level agreement.