Introduction to Contract Management

1
Introduction to Contract Management

• Presented by LDM Global

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What is Contract Management?

• DefinitionContract Management is the process of
  managing contracts from creation through
  execution, ensuring that both parties fulfill
  their obligations and protecting the interests of
  the business.
• Key Objectives
• Ensure compliance with terms and conditions
• Mitigate risk
• Optimize contract performance
• Maintain positive relationships with stakeholders

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Key Phases of Contract Management

• 1. Contract Creation Negotiation
• Drafting terms and negotiating favorable
  conditions for all parties involved
• Legal considerations and drafting key clauses
• 2. Contract Execution
• Formal approval and signing of the contract
• Ensuring all necessary documentation is in place
• 3. Performance Compliance Monitoring
• Tracking milestones and deliverables
• Ensuring adherence to contract terms and
  timelines

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Why is Contract Management Important?

• Risk MitigationMinimizes legal and financial
  risks by ensuring compliance with contractual
  terms.
• Cost EfficiencyEffective management reduces
  unnecessary costs, penalties, and renegotiations.
• Strategic ValueHelps to align contracts with
  business goals, ensuring value and performance.