Contract management democracy does not exist.
Every contract has one ultimate responsible person, as explained by Mochadocs founder Rob Postma in this podcast.
Who that person exactly is, is determined within your own organization. But do not make the mistake of automatically assuming it is the highest-ranking manager.
Because the highest-ranking person is not necessarily the one with the most vested interest in the successful execution of a contract - and certainly not the one with the most time to ensure compliance. Therefore, base it on the structure of the contract, not the structure of your organization.
With more experience in contract management, you will become adept at establishing a contract hierarchy for each type of contract. Ensure that your software package facilitates assigning responsibilities based on the contract hierarchy.