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HandWiki. Contract Management. Encyclopedia. Available online: https://encyclopedia.pub/entry/37842 (accessed on 16 September 2026).
HandWiki. Contract Management. Encyclopedia. Available at: https://encyclopedia.pub/entry/37842. Accessed September 16, 2026.
HandWiki. "Contract Management" Encyclopedia, https://encyclopedia.pub/entry/37842 (accessed September 16, 2026).
HandWiki. (2022, December 02). Contract Management. In Encyclopedia. https://encyclopedia.pub/entry/37842
HandWiki. "Contract Management." Encyclopedia. Web. 02 December, 2022.
Contract Management
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The content is sourced from: https://handwiki.org/wiki/Contract_management

Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Common commercial contracts include purchase orders, sales invoices, utility contracts, letters of engagement for the appointment of consultants and professionals, and construction contracts. Complex contracts are often necessary for construction projects, goods or services that are highly regulated, goods or services with detailed technical specifications, intellectual property (IP) agreements, outsourcing and international trade. Most larger contracts require the effective use of contract management software to aid administration among multiple parties. A study published in 2007 found that for "42% of enterprises ... the top driver for improvements in the management of contracts [was] the pressure to better assess and mitigate risks" and additionally, "nearly 65% of enterprises report that contract lifecycle management (CLM) has improved exposure to financial and legal risk".

lifecycle management contract management contract administration

References

  1. "Contracts<". Cornell University Law School. https://www.law.cornell.edu/wex/contract. Retrieved 2015-07-22. 
  2. Marikar, Q., The cost of poor contract management – are you using all tools at your disposal?, accessed 31 May 2021 https://www.pwc.co.uk/services/risk/insights/cost-poor-contract-management.html
  3. Contract & Commercial Management - The Operational Guide, Van Haren Publishing, October 2011, ISBN:978 90 8753 627 5
  4. Chartered Institute of Procurement & Supply (2013), Contract Management Guide, p. 24, accessed 31 July 2021 https://www.cips.org/documents/knowledge/procurement-topics-and-skills/10-developing-and-managing-contracts/t-and-cs-and-developing-of-contracts/knowledge_insight-contract_management_guide.pdf
  5. Chartered Institute of Purchasing & Supply (2010), Guide to Contract Management, p. 13
  6. "California Energy Commission:2008 Energy Efficiency Standards"|http://www.energy.ca.gov/2008publications/CEC-400-2008-016/CEC-400-2008-016-CMF-REV1.PDF%7Caccessdate=2016-08-16}
  7. Williamson, Oliver E.|1979|"Transaction-Cost Economics: The Governance of Contractual Relations"|Journal of Law and Economics: Vol. 22: No. 2, Article 3|accessible at: http://chicagounbound.uchicago.edu/jle/vol22/iss2/3
  8. Vitasek, Kate (2011). The Vested Outsourcing Manual (1st ed.). New York: Palgrave Macmillan. ISBN 978-0230112681. 
  9. Poppo, Laura; Zenger, Todd (2002). "Do formal contracts and relational governance function as substitutes or complements?" (in en). Strategic Management Journal 23 (8): 707–725. doi:10.1002/smj.249. ISSN 0143-2095.  https://dx.doi.org/10.1002%2Fsmj.249
  10. Ghoshal, Sumantra; Moran, Peter (1996). "Bad for Practice: A Critique of the Transaction Cost Theory". The Academy of Management Review 21 (1): 13. doi:10.2307/258627.  https://dx.doi.org/10.2307%2F258627
  11. Lui, Steven S.; Ngo, Hang-Yue (2004). "The Role of Trust and Contractual Safeguards on Cooperation in Non-equity Alliances" (in en). Journal of Management 30 (4): 471–485. doi:10.1016/j.jm.2004.02.002. ISSN 0149-2063.  https://dx.doi.org/10.1016%2Fj.jm.2004.02.002
  12. Ryall, Michael D.; Sampson, Rachelle C. (2009). "Formal Contracts in the Presence of Relational Enforcement Mechanisms: Evidence from Technology Development Projects". Management Science 55 (6): 906–925. doi:10.1287/mnsc.1090.0995.  https://dx.doi.org/10.1287%2Fmnsc.1090.0995
  13. Zhou, Kevin Zheng; Xu, Dean (2012). "How foreign firms curtail local supplier opportunism in China: Detailed contracts, centralized control, and relational governance" (in en). Journal of International Business Studies 43 (7): 677–692. doi:10.1057/jibs.2012.7. ISSN 0047-2506.  https://dx.doi.org/10.1057%2Fjibs.2012.7
  14. IACCM, The Role of a Contract Manager, updated 24 January 2014, accessed 14 May 2021 https://s3.eu-central-1.amazonaws.com/iaccmportal/resources/files/9592_the-role-of-the-contract-manager-v10-27-feb-2017.pdf
  15. Reuer, Jeffrey J.; Ariño, Africa (2007). "Strategic alliance contracts: dimensions and determinants of contractual complexity" (in en). Strategic Management Journal 28 (3): 313–330. doi:10.1002/smj.581. ISSN 1097-0266. https://onlinelibrary.wiley.com/doi/abs/10.1002/smj.581. 
  16. Crown Commercial Service, Commercial capability: contract management standards last updated 8 February 2021, accessed 10 April 2021 https://www.gov.uk/government/publications/commercial-capability-contract-management-standards#history
  17. Crown Commercial Service, Contract management framework summary, updated 8 February 2021, accessed 10 April 2021 https://www.gov.uk/government/publications/commercial-capability-contract-management-standards/contract-management-framework-summary
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