What does the term "contract management" entail?

The term "contract management" encompasses the comprehensive handling of contracts throughout their entire lifecycle, from inception to completion. This includes monitoring contracts for compliance, ensuring that both parties fulfill their contractual obligations, and managing vendor relationships to foster collaboration and address any issues that may arise.

Effective contract management involves ongoing evaluation of performance against the terms established in the agreement, which helps mitigate risks and ensures that the organization derives maximum value from the contract. It also includes maintaining communication with vendors, negotiating amendments when necessary, and ensuring adherence to budgets and timelines. By focusing on these aspects, organizations can optimize their contractual agreements and build stronger, more productive relationships with vendors.

The other options highlight limited or incorrect aspects of what contract management involves, missing the broader, proactive, and relational elements that are essential to successfully managing contracts.