An error in the process can lead to financial and legal implications. It takes an agile contract lifecycle management software system and an experienced manager to effectively manage the contractual affairs.

1. The Roles & Responsibilities of a
Contract Manager
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2. Contract managers play a crucial role in the seamless functioning of the
contract management software. There are a plethora of challenges when it
comes to managing contracts that require the intensive supervision of
managers. An error in the process can lead to financial and legal implications.
It takes an agile contract lifecycle management software system and an
experienced manager to effectively manage the contractual affairs. Here are a
few roles and responsibilities of a contract manager in an organization.
● Business Analysis
Contract managers are the primary agents in finding new contacts and
effective business partners. One of the most important and primary job
scopes of a contract manager is the analysis of businesses. The contract
managers comprehensively scope out for prospective vendors and clients and
conduct an in-depth review of their business.
● Redlining of Contracts
Once a proposal for the contract is accepted, the contract managers oversee
the redlining of contract documents. Unlike the conventional method, the
contract managers leverage the modern enterprise contract management
software solution to expedite the process and negotiate without hindrances.
● Managing Contract Issues
Contractual issues tend to escalate and cause financial damages to the
involved parties quickly. It is essential to identify contractual issues and
conduct a review to resolve them promptly. Agile contract managers analyze
the cause of issues and create strategies in overcoming them.
● Accommodating Requirements
In the course of managing contracts, the need to make amendments and
accommodations rise regularly. Contract managers are responsible for
reviewing such requests and implementing the requested accommodations
to protect the interest of the vendors/clients.
© 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent.
DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA
Contact Number: +1-571-228-7037 | Email: sales@docucollab.com

3. ● Documenting Every Phase
The contract management process begins with a contract proposal and
continues until the executed contract expires. It is the job of a contract
manager to document every phase in the contract lifecycle and create a
roadmap of milestones achieved forever by the vendor/client.
● Management of Contracts
Managing contracts include getting the signatures of all the involved parties,
storing the contracts securely, and monitoring their performance over the
contractual lifecycle. The managers organize the contracts coherently and
provide the required documents to the stakeholders for annual review.
● Risk Management
Contracts possess risk elements that are to be managed to avoid future issues.
From managing important deadlines, monitoring metrics to providing
insights to the stakeholders, contract managers manage the risks involved
effectively.
A seasoned contract manager can navigate the extensive job scopes of
managing contracts effortlessly. DocuCollab is one of the best contract
management software that empowers contract managers. Click here to know
more.
© 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent.
DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA
Contact Number: +1-571-228-7037 | Email: sales@docucollab.com