Skills Gap Analysis (Procurement Assessments Australia)

  Contract management is a crucial aspect of any business, ensuring that agreements are executed efficiently and effectively. From procurement contracts to vendor agreements, every interaction involves a contract that needs meticulous handling. Here's everything you need to know about contract management, including a useful tool called Contract Management Self-Assessment . What is Contract Management? Contract management involves the entire lifecycle of a contract, from its creation and negotiation to execution, analysis, and eventual renewal or termination. It ensures that both parties fulfil their obligations, mitigates risks, and maximises the value of each agreement. Key Components of Contract Management ●      Creation and Negotiation – Contracts begin with detailed discussions on terms, conditions, and expectations. Negotiation involves finding common ground that satisfies both parties. ●      Execution – Once finalised, con...