Procurement Contract Management: Meaning and Importance

What is Procurement Contract Management?

Contract management is the process of managing all the service level agreements throughout the procurement process that is formalized between the buyers and the suppliers.

The steps involved in contract management include defining the contract, defining the roles and responsibilities of both parties, and regular revision to ensure compliance with the terms and conditions established that help protect the obligations of both parties. 

The benefits of contract management include improved compliance, managing renewal dates, resolving disputes, and improved procurement contract audit execution.