A Contract Management Checklist

These four steps are the basis of any effective contract management process, and a misstep at any one of them “can result in unwanted risk or an unprofitable relationship,” says a post from Contract Logix. Step one, Contract Initiation, begins with “justification.” That means that when someone in the organization begins an activity that requires a contact, that person needs to justify that activity, if necessary by way of approval from a manager higher up in the organization. This first step also includes identifying supporting documents, including past contracts. At this early stage standardized forms are essential. They lay the groundwork for everything that follows. Steps two three, and four are identified as “Contract Generation and Negotiation,” “Contract Approval and Execution,” and finally “Contract Tracking.” It includes insuring that deliverables specified in the contract are actually delivered, and tracking all specified obligations, including your own.