How Does Contract Management Work?
Definition
Software managing contract lifecycle from creation through renewal including template libraries, approval workflows, e-signature, obligation tracking, renewal alerts, and repository search. Contract management reduces risk through centralized visibility and automated compliance monitoring."
Why This Matters
Contract management prevents missed renewals, tracks obligations, provides searchable repositories, and automates approval workflows. Centralized contract management reduces risk compared to decentralized spreadsheet approaches.
Related Terms
Showing semantically related terms from our RFP knowledge graph. Priority connections are highlighted.
Essential Connections
Contract Repository
RFP Fundamentals
Centralized system storing executed contracts, amendments, and related documents.
Master Service Agreement
RFP Fundamentals
A contract establishing terms and conditions for ongoing vendor relationships including pricing, payment terms, intellectual property rights, liability, termination clauses, and dispute resolution.
Procurement Lifecycle
Pricing & Total Cost
The end-to-end process for acquiring software including needs assessment, requirements definition, RFP creation, vendor evaluation, contract negotiation, implementation, and ongoing management.
Showing 4 semantically related terms ·Browse all 200 terms
Related RFP Templates
These 2 templates include questions about contract management