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Introduction to Contract Management

This presentation by LDM Global introduces contract management, covering its definition, key phases (creation, execution, monitoring, and closure), and the importance of managing contracts to reduce risks, ensure compliance, and optimize business outcomes.

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Introduction to Contract Management

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  1. Introduction to Contract Management Presented by LDM Global

  2. What is Contract Management? • Definition:Contract Management is the process of managing contracts from creation through execution, ensuring that both parties fulfill their obligations and protecting the interests of the business. • Key Objectives: • Ensure compliance with terms and conditions • Mitigate risk • Optimize contract performance • Maintain positive relationships with stakeholders

  3. Key Phases of Contract Management 1. Contract Creation & Negotiation • Drafting terms and negotiating favorable conditions for all parties involved • Legal considerations and drafting key clauses 2. Contract Execution • Formal approval and signing of the contract • Ensuring all necessary documentation is in place 3. Performance & Compliance Monitoring • Tracking milestones and deliverables • Ensuring adherence to contract terms and timelines

  4. Why is Contract Management Important? Risk Mitigation:Minimizes legal and financial risks by ensuring compliance with contractual terms. Cost Efficiency:Effective management reduces unnecessary costs, penalties, and renegotiations. Strategic Value:Helps to align contracts with business goals, ensuring value and performance.

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