Home / Glossary / Procurement Contract Management: Meaning and Importance

insights-espresso-icon glossary

Procurement Contract Management: Meaning and Importance

Espresso-live Speakers
by Beroe Inc,
12 October 2022

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.


Linkedin Twitter Facebook
Leave a comment

Please enter a valid name

Post your comment

Please select captcha


Get more stories like this

Subscirbe for more news,updates and insights from Beroe

Get Ahead with AI-Enabled Market Insights Schedule a Demo Now

Schedule a Demo Now