Tag: Process

The process of contract management defines a company's relationships with its stakeholders, suppliers, partners, and customers. The most effective contract management builds strong ties and creates long-term benefits for your company. The success or failure of the organization depends on the contract management procedure that will direct the contracts throughout their lifecycle.

The contract process involves various stages and tasks to manage and organize the contracts that all companies need. A contract is a legally enforceable agreement between two or more parties and can be either verbal or written. Oral agreements are more difficult to uphold and should be avoided, however, specific contracts, such as those involving sizable sums of money, are legally binding.