Key stages in contract management process?

The contract management process involves several key stages that are crucial to ensuring successful contract execution and management. These stages typically include contract planning, contract negotiation, contract implementation, contract monitoring, and contract closure. In the planning stage, parties define the scope and objectives of the contract and determine how it will be executed. The negotiation stage is where parties agree on terms and conditions, including pricing and deadlines. Implementation involves executing the contract, and monitoring involves tracking progress and ensuring compliance with terms. Closure involves completing all necessary tasks and finalizing the contract, including resolving disputes if necessary. Effective management of contracts can help organizations minimize risks and maximize benefits.

This mind map was published on 26 June 2023 and has been viewed 102 times.