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:
This document should be used as a general guide to understand and review this business process. Organizations should customize this tool to ensure that it reflects their business operations and continuously monitor the process to ensure that the steps described are accurate.
- Processing the initial contract request
- Generating the contract
- Receiving approval from contract management
- Updating the contract database
- Receiving approval from financial management