Contract management:defined

The process of managing agreements from the time they are negotiated to the point where one party is selected to carry out the terms of the agreement and the contract is finally terminated is referred to as contract administration. It is one of the most important activities because it helps to maximize both operational and financial performance, as well as to identify and mitigate the financial and reputational risk that can result from failing to comply with the terms of the contract. The analysis of performance about the terms of the contract is one of the most important activities.