It is being felt by the industry that Contract Management is a vital function in an organization and falls into one of the strategic requirements of an organization for sustainability, business performance and competitive advantage. Efficient contract management processes in an organization saves substantial amounts of money as well as develop stakeholder confidence and prolonged business relationships.
In the context of contract management being an essential function for sustainability of an organization, it is high-time that an insight into best practices in contract management is realized and understood for the awareness of vast majority of those organizations and contract personnel who need upgrading their knowledge in the function.
The main phases of a successful contract management practice involves;
contract closeout. Concerned personnel should look into best practices in each of the above listed phases by bench marking or observing other efficient organizations for their own use.