Contract management

Contract management or contract lifecycle management (CLM) is a means of planning and organising business and legal processes. It is also a process that aims to manage the entire contract lifecycle phases (including the preparation decision making phase of a contract, the contract negotiation, contract creation, contract execution, administration and assessment phase of the contract) and enables organisations, in particular business entities, to minimise the business and legal risks in relation to their activities. Contract management also enables the preliminary assessment of different events, as well as the consequences of decisions arises from such events. In addition to the above, contract management also provides the posterior assessment of contract execution, namely the legal and business analysis of the contractual relationships of business entities. Hereby contract management also provides support for the business and strategic planning as well as for the monitoring of business processes.

Considering the parties who take part in a contractual relationship four main areas of contract management can be distinguished:

  • Business to Business relations (B2B),
  • Business to Costumers’ relations (B2C),
  • Business to Administration (B2A) and
  • Costumer to Administration.

Carneades Consulting inititated the development of the Carneades Contract Format (CC-F). More detailed description of the CC-F can be found under the following address: www.carneades.hu/xml/carneadescontract