Contract management involves the creation, negotiation, approval, execution, and tracking of contracts to enhance operational performance and minimize financial risks in businesses. The process emphasizes the importance of clear documentation, effective communication among parties, and ongoing risk assessments. Additionally, outsourcing contract management can improve efficiency, reduce costs, and enhance legal compliance by leveraging technology.

2. What is Contract Management?
A contract is created while a firm with enough legal
capability makes a proposal and the other party of
sufficient legal capacity welcomes the offer with a
legal awareness.
Generally, if company or business needs to get services
from another company or business in an area of
expertise outside of their own, they will need to
arrange a contract for services.

3. Legal Contract Life Cycle
Get into the whole contract
repository for audit with contract
compliance alerts, audit checking,
report development, and easy
integration with third-party
reporting devices.
It has 5 Stages

4. Contract Creation
It starts with a goal and demand.
Individuals must be able to discover
relevant documents to associate with
their contracts.
Having single document management
repository can help capture & track
paper documents Record.

5. Contract Negotiation
The requirements of the negotiator
contain :
A report of concerns for every type of
contract; a method of marking up the
documents to focus on how it’s not the
same as the original or the final draft;
and a way of recording and flagging
those variations.

6. Contract Approval
Businesses require an approved
workflow process to make sure risky
contracts are evaluated and approved
by the best person. Some risks need to
be approved by legal, management and
some by special departments like credit,
etc. Ideally, safe deals are pre-approved.

7. Contract Execution
Make sure that deliverables are
being met and compliance is
managed all the time by applying
automatic alerts & notifications
related to expirations, renewals,
and also crucial events.

8. Contract Tracking
Access to your entire contract
repository for audit with contract
compliance alerts, audit tracking,
report generation, and easy
integration with third-party
reporting tools.

9. DRAFTING
REVIEWING MANGEMENT

10. Drafting Contracts
Drafting a Contract means clarifying
the terms and duties. It’s essential
that every party is aware what
exactly are the requirements. In case
you will discover any specific terms
that may be misconstrued, or any
terms which are ambiguous, parties
should explain all of them within the
contract.

11. Contract Reviewing
Reviewing the contract terms will
ensure that the needs of each
party will be met and that no
party will obligate themselves
unexpectedly. In this way, parties
need to know the mentioned
commitments in the contract.

12. Contract Management
Contract management is the
procedure of operating contract
development, functioning and
evaluation to increase operating
and economic performance at a
business enterprise, all when
minimizing financial risk.

17. Financial
Risk

20. The development of a contract strategy is designed
to establish the form of the procurement & provides
assistance in determining the formulation, awarding
of the contract, contract style, type of management
to be adopted for the subsequent service delivery,
relationship management and contract
administration.

21. The legal industry needs to draft their business
specifications requirements for enabling the
organizations to readily evaluate providing the
basis for performance measurement & record
the evidence in any dispute. This process is
concerned with breaking down the overall scope
set out in the business case.

22. The strategy relating to a particular contract should
accord with the organization's overall procurement
strategy. Contract management Planning is necessary,
it helps to manage activities like: setting out the
effective & efficient obligations of both parties,
service delivery to satisfy both customers & providers,
expected business benefits & value for money.

23. Risk Assessments should be undertaken, reviewed
& managed throughout the procurement journey.
Effective risk management helps in managing
innovation and improving performance by
contributing better service delivery, more efficient
use of resources and reduced waste at all levels
with better decision making.

24. • Outsourcing the contract management activities creates a
cost-saving mechanism that is adopted by a number of
Legal industries.
• Outsourcing legal contract management offers latest
technologies for carrying out this process effectively.
• They can easily produce abstracted documents to legal
customers accurately and speedily.
• This will save you precious time and resources, thus
maximizing internal productivity and ensuring legal
compliance across the contract lifecycle.

25. Contract management is an essential part of legal
industries, but on the contrary, it’s quite different from other
legal activities that require a lot of extra time & staff.
Outsourcing is a suitable way for Law firms to manage their
core tasks efficiently with limited resources.
Outsourcing can also proactively fix common problems
quicker than it was possible before. This provides a
remarkable gain in profitability and productivity as a result of
higher utilization of technology.

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