The term Contract Management System can be broken into three words Contract, management and system. You might be familiar with the word contract. A contract is basically a legal document specifying the deal between the employer and an employee, business and the customer or partnership between two business enterprises.
A Contract Management System is the management and organization of the contracts. It is also known as control Lifecycle management which means it controls the entire Lifecycle of the project.
Need of a contract management system:
The contract management system is necessary for the healthy working of any business.
It is a written document of the entire project so we can look up to the contract in case there is any ambiguity or query.
o It ensures the regular supply of the goods and services. The contract also mentions the quantity and the quality of the goods to be supplied and after what intervals the goods are needed to be supplied
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