Contract Management

contract management


We can define the contract as a written document in which the conditions of the parties that will take part in the realization of a project are determined. In general, the contract is a document that allows the work to start. Contract management is mostly considered only as a legal process.

Contract Management ensures that jobs are completed with minimal deviation and in accordance with contract documents as much as possible. Prosoftly Contract Management software solution provides various opportunities such as cost saving and efficiency, competitive advantage, quality service delivery, accountability, specialization and flexibility that occurred due to profit orientation inherent in business. It also helps to eliminate some risks, such as loss of reputation, management difficulties and lack of technical staff. Contract management has a process and a life cycle within the project management process.

Contract Management is the process of organizing a lot of contracts, invoices, templates and clauses to drive standardization and efficient retrieval.

contract management software

Effective Contract Management

Effective Contract Management requires an understanding of every step in the contract process, including any step that contributes, creates, or utilizes contract data.

How Effective is the Contract Management Solution?

With the contract management solution, transactions such as contract request, preparation, legal evaluation, revision, obligation tracking, contract renewal and extension are managed on the workflow. The process from the creation and signing of contracts is monitored on the system. The inefficiency and confusion of the old method, carried out by electronic mail and telephone, is eliminated. Operations such as deletion, revision are controlled with advanced authorization, misuse is prevented. The contract is monitored through the system in which unit and person the process is on, and the transactions are accelerated. In particular, to be followed in contracts; liabilities approaching the day, penal conditions, contract renewal date, payment date, etc. The subjects are reminded to the users by e-mail and message by the system, they are assigned as tasks. All versions of the contract can be accessed through the system.

What are the Steps of Contract Management?

Contract Management is the Management of contracts from vendors, partners, customers, or employees – and at its most basic, contract management software can be defined as an electronic version of a filling invoices. It supports the entire customer and contract lifecycle which covers any process that contributes, creates or utilizes contract data.

  • Request
  • Negotiation
  • Execution
  • Start-up
  • Operation
  • Renewal
  • Closeout