Contract management consists of the steps taken to request and approve consulting, royalty and other service contracts. The contract administrator receives the contract approval request form attached to copies of the proposed contract from multiple sources. They then review the agreement to ensure it details the services provided, term, liability, and necessary confidentiality considerations before providing it to senior management and finance for final review and approval.
This process flow focuses on the contract management process and outlines steps such as:
- Processing the initial contract request
- Generating the contract
- Receiving approval from contract management
- Updating the contract database
- Receiving approval from financial management
This document can be used as a general guide to understand and review the contract management process. Organizations should continuously update and monitor the processes included in this document to ensure that they accurately reflect business operations.