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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.

Contract management enables you to streamline and automate your approach to managing existing contracts and creating new ones. It helps to control costs, oversee payments, and revenue, improve productivity, and reduce error.

A contract management system offers the ability to create templates for contracts, store electronic signatures, and track contract performance. By understanding your needs and the benefits of each system, you can decide which system is best for your company.

Four keys to developing and implementing a new contract management system Assess the current state of contract management.Get sponsorship from senior leadership.Engage internal business partners.Strategically manage the process by engaging the people.

5 Tips for a Well Organized Contract Repository Set Up an Online Database. Ideally, the first step in the organizational process is to set up an online contract database.Establish a File Naming Scheme.Create a Useful Folder System.Maintain Selective Sharing.Discard Outdated Items.

How to make the most of Excel for stakeholder lists: One sheet for all contacts. One row for each contact. Split up data across different columns. Combine fixed with flexible categories. Make it searchable and filterable. Keep it readable.

Elements of successful contract management The expected business benefits and financial returns are being realized. The supplier is cooperative and responsive to the organization's needs. The organization encounters no contract disputes or surprises. The delivery of services is satisfactory to both parties.

By exporting your project data to Excel, you can continue to use its powerful spreadsheet functionality while taking advantage of Project to track your project's schedule and resources. You can also import or embed Excel data into your project plan.

How to get started managing your contracts using Excel 1) Identify key fields.2) Identify what you can auto-calculate in your spreadsheet.3) Identify what you'll need to manually add.4) Identify what you'll need to manually update.5) Set up your spreadsheet.

Here are 6 strategies for effective contract management. Do a Background Check.Establish Points of Contact.Establish the Contract Lifecycle.Agree on Review Process.Outline Consequences of Delays.Step Back, Document, and Evaluate.Takeaway.