Contract management involves the systematic administration of contracts throughout their lifecycle to ensure compliance, mitigate risks, and maximize value for organizations. It encompasses key activities such as contract creation, negotiation, execution, and evaluation. Effective contract management aims to establish clear terms and conditions, define roles and responsibilities, and monitor performance against agreed-upon benchmarks. It also involves managing changes, disputes, and renewals to optimize contract outcomes and maintain positive supplier relationships. Utilizing contract management software enables organizations to centralize contract data, track deadlines, and automate workflows, enhancing efficiency and reducing administrative burdens. By implementing robust contract management practices, businesses can minimize legal exposure, optimize financial outcomes, and support strategic objectives through effective resource allocation and risk management.