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We have discussed the first three stages of contract lifecycle management: contract request, contract authoring, and contract approval. The fourth stage of contract lifecycle management is contract execution.
The stages of contract management can be broken down into pre-signature (creation, negotiation/collaboration, and review/approval) and post-signature (administration/execution, renewal/termination, and reporting/tracking).
However, the primary activities can be divided into four main components. Establishing governance and the contract management team. Planning, establishing, and executing contract administration. Relationship management. Performance management.
Ing to leading frameworks, the four blocks of good contract management would be structure and resources, delivery, development, and strategy.
There are four elements of a contract, in order to have a valid contract, all four must be present: ?Offer. Acceptance. Consideration. ?Capacity.
The Contract management process includes a contract request or initiation, authoring, negotiation/redlining and approval stages, execution and signature as well as obligation monitoring, renewals, amendments and expiration.
We have discussed the first three stages of contract lifecycle management: contract request, contract authoring, and contract approval. The fourth stage of contract lifecycle management is contract execution.
Although there are many parts of the contract lifecycle management process, there are a few distinct stages: creation, collaboration, signing, tracking, and renewal. And within these key stages, there are rather crucial components.