Contract Management: Acquisition Cycle

Contract management is the process of managing the creation of contracts, execution of agreements and the analysis of contracts to ensure there is a maximum financial and operational performance in a firm while reducing financial risks. Brilliant contract management creates a robust relationship in business and paves the way to more profits to a firm when it comes to dealing with contracts (Fried, 2015).

A contract lifecycle has the following stages:

  • Request- one party initiates the contract process.
  • Author-the contact terms, clauses and conditions get drafted, and signings details get captured.
  • Negotiate-the par

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