Contract Management is administrative activities associated with handling of contracts.
It includes monitoring contract relationships, addressing related problems, incorporating necessary changes or modifications in the contract, ensuring both parties meet each other's expectations, and actively interacting with the contractor to achieve the contract's objectives.
According to Wikipedia, contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. The personnel involved in Contract Administration required to negotiate, support and manage effective contracts are expensive to train and retain.
More than 80 percent of business-to-business transactions are regulated by legal contracts. Many of the contract have binding conditions and terms that have to be monitored and tracked over time to ensure compliance. According to National Contract Management Association good contract management software helps to control two central things in an organization; revenue and costs. Research from KPMG shows that companies can save 1-2% of total cost by implementing good contract management. The effect on the revenue-side can be an 1-2% increase in total revenue. Read more about this here.
ControlKeeper is a very efficient online contract management software. With complete control over your contracts and personal assets you won´t miss a single important date, for instance when a contract expires, is renewed or is terminated. ControlKeeper is designed for contract management in both small and large companies. With role-based access and flexible permissions you control what information users are allowed to see and what they can change. It´s very easy to get started, just import your existing contracts with the advanced import wizard and you are up and running in no time.