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What is (managing) a contract?

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What is (managing) a contract

What is a Contract?

An answer to questions such as 'What is a contract?' seems so obvious at first that you can spend your time on something better. Yet that is exactly the fallacy that many organizations make. They leave the basis of contract management for what it is, and as a result get less return (financial or otherwise) from their contract agreements.

Conclusion

A contract is more than just a legal document. It represents the interests of stakeholders inside and outside your organization.

Managing contracts is about making your contracts manageable.

Contract Lifecycle Management eBook: What is (managing) a contract?

What is a Contract?
What is contract management?
Reading time: 10 minutes

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What is a Contract?
What is a Contract?

A lawyer can explain very precisely that a contract is a "written agreement" between "two or more parties" and how and when this agreement is legally valid. But a contract often stands for more.

You don't just conclude a contract for every appointment (‘to have lunch together tomorrow?’), contracts often contain agreements that have an interest in people inside and outside your organisation.

What is contract management?
What is contract management?

Managing contracts is about making contracts manageable. That sounds like you're going to sit on it. As if a contract is a wild monster and otherwise escapes. But a contract itself is a static document. Many organizations therefore think that securely storing contracts is enough to manage a contract (contract storage).

Others go a step further and put important metadata from the contract (such as the end date) in a list (contract registration). But storage or registration alone is not much use to you as a stakeholder.

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What is a Contract?

What is a Contract?

A contract is more than just a legal document. It represents the interests of stakeholders inside and outside your organization.

Managing contracts

Managing contracts

Managing contracts is about making your contracts manageable. This is in any case monitoring the end date, but can also concern important contract agreements.

Contract Management Solution

Contract Management Solution

Contract management does not benefit from a narrow definition. As an organization, you determine exactly what you want to manage for each contract. That is why it is smart to find a Contract Management solution that sends a notification to the right person at the right time.