Contract Management

Effective Contract Management for Controlling Service Quality

Contract Management is a management process that enables an organization to monitor and evaluate contractual service terms, service planning, service delivery method, monitoring and evaluation. It aims to manage the terms and conditions of working with outsourcing service providers and suppliers of businesses in a regular and effective way with contracts that increase service quality and are defined on a performance basis. It helps to effectively manage and organize flexible contracts in service procurement, business partnerships, labor relations and many other areas. The advanced business intelligence tool provides analytical data such as real-time reporting, dashboards and performance metrics integrated with application data.

Core Components of Contract Management

Contract Creation: Determining the agreement between the parties to the contract and creating a written contract. It includes the rights and responsibilities of the parties, deadlines, payment terms and other details.

Approval and Signature Process: Ratification and signing of the contract by the parties. This stage indicates that the parties have formally accepted the written contract.

Implementation and Execution: Implementation of the terms of the contract and initiation of projects, supplies, services or other activities. The fulfillment of commitments between the parties takes place at this stage.

Monitoring and Performance Evaluation: Monitoring and evaluating the parties' performance during the term of the contract. This includes determining whether the parties have complied with the terms of the contract.

Amendment and Update:
In cases where changes in the terms of the contract are necessary, the parties agree and the contract is updated.

Risk Management: Identifying, monitoring and managing contractual risks. This ensures that the parties are prepared for potential problems that may arise during the contracting process.

Completion and Closure:
Full fulfillment of the terms of the contract, successful completion of the work and closure of the contract.

Benefits

Assess Whether the Parties Comply with the Terms

  • With contract management, identify and monitor commitments between parties and reduce risks.
  • Manage contract processes effectively and increase efficiency in business processes.
  • Manage contract terms in compliance with legal norms and avoid legal problems.
  • Financial management by ensuring budget and cost controls strengthen.
  • Help strengthen relationships with customers or business partners.
  • Automate, monitor and report on contract processes with contract management.