The contract Management system is the contact management between two companies, or employees, vendors, business partners. To build the relationship between companies or partners. This system everyone follow in all types of industries. It supports the vendors covers any process of contract and creates the data of the contract. This system requires an each and every step understand the contract process, including the, contributes, creates the contract the data. This system is most important in all type of industry and changes the business world.

The contact management system is perfectly handled, it includes self-service portals, legal playbooks, signature. To maintain this system is to difficult and not easy to handle.

Stages of Contract Management System:

REQUEST:

Contract Management system process, need to business Legal for a contract service agreement, standard licensing agreement. This system offers filing cabinet, shared server with no need to create consistent contracts so contracts are leading to potential financial and compliance risks

GENERATE:

In this system generate stage is rarely occurs Every contract person get involved in a legal.

NEGOTIATE:

In this system which type of terms and conditions are involved in the final contract.

APPROVAL:

Contracts are approved by sales are pushing for contract terms but it depends on the size of the contract and signed by legal, executives all of the vendors.

EXECUTE:

In this stages, Contracts are set into effect and often stored in filing cabinets where they are difficult to find

RESEARCH:

Contracts are not easily found and report can’t be run because contracts are not located in the cabinet.

COMPLY:

In this stage, contractors need to finish the work within the agreement. If they did not complete the work to lose their system names. They don’t take an extra period to finish the work.

REVIEW:

To complete the contract within agreement then only to increase over the review of this system.

Benefits of Contract Management System:

• Contract cycle time decrease
• More deals
• Revenue Leakage stop
• Visibility Increased
• Control and security increased

PROCESS OF CONTRACT MANAGEMENT SYSTEM:

• Consolidation
• Task automation
• Process efficiency
• Contract Performances

The contract Management system canbe used to manage the contact request,c apture the data related contract.B ased on this system we can improve our business and relations in the market.A ll types of industries are supported bythis system.Contract works are provides secure and easy to use this management system.Contract tells every aspects of key business strategies and relationships.Contract management is most important for government and as well as private partners.

Contractors always comparison to other systems of contractors either in requirement ,clear of statements,and products.They should be more care for about this management.This management system managing and storing the legal agreements.Contract Management system give business control,collaborate into the entire life cycle of contract system.This system having a lot of problems we should face that or solve that.