Contract Management
Optimize your organizational performance and minimize financial risk by effectively managing the complete lifecycle of your contracts.
A contract is an agreement that binds two or more parties in a transactional relationship. In the context of contract management, such documents are created to govern leasing activities, warranty, support, and maintenance. A contract is created with a third-party vendor (only one vendor per contract) and contains important information such as price, the contract validity period, contract type, and sub-contract status.
Contract management is the practice of managing the lifecycle of contracts. The creation, execution, and analysis of contracts exist to maximize an organization’s operational and financial performance while minimizing financial risk.
A contract governs the commercial relationship between two organizations through terms and conditions. Contracts have a large impact on the revenue and expenses of an organization. Effective contract management creates strong business relationships when managed correctly.
The Contract Management group provides options for customizing the contract module. It has the following features:
- Contract Types: Contract types provide a generic umbrella term for categorizing and managing contracts.
- Contract Custom Fields: These fields are used to capture and maintain an organization’s contract information.
