![]() ![]() ![]() It is the business process of managing contracts from inception to closure. That means clearly understanding who is responsible for what at each stage and standard operating procedures for completing work. The key to effective contract lifecycle management is having visibility into every stage of the process so that you can identify risks, mitigate problems, and optimize performance. The entire contract lifecycle includes all the activities and milestones from the initial ideas or needs through post-delivery phases such as close-out or termination. The contract lifecycle is the process by which a contract is created, negotiated, executed, and managed.
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