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What is commercial contract management?

From negotiation to renewal, every step involved in contract management is crucial. However, even with close supervision things could go wrong. Humans tend to make mistakes., but mistakes are not affordable in contract management.

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What is commercial contract management?

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  1. Commercial Contract Management Everything you need to know.

  2. Contract Management • From negotiation to renewal, every step involved in contract management is crucial. • Contract Management is meant to efficiently manage all these steps in a contract management effectively. • Contract management software plays a significant role in helping sales teams quickly draft up contracts and process them so that they can close deals faster.

  3. What is Commercial Contract Management? • Commercial contract management is the process of negotiating formal business agreements between two companies. • In commercial contract management, it is the duty of the contract managers to organize the entire process and ensure that all parties involved are aware of their deliverables, rights, and responsibilities. • Professionals working in this field need to be highly experienced and skilled.

  4. Commercial Contract Management • Agreements related to goods & service supply • Agreements related to finance and loans • Agreements related to copyright and intellectual property • Agreements in licensing and franchising • Agreements in joint ventures • Agreements among business entities

  5. Commercial Contract Management Process • From negotiation to termination or renewal, there are several steps involved in the commercial contract management system. • Contract managers handle, not only, drafting and renewal of contracts, but they also need to interpret, manage, and enforce existing contracts. • Depending upon organizations, this process might be overseen by a single contract management expert or a team of experts.

  6. Certified Commercial Contract Managers • The NCMA (National Contract Management Association) provides this certification. • The Certified Commercial Contract Manager (CCCM) for professionals in commercial contract management. • For professionals engaged in government sector the designation becomes Certified Federal Contract Manager (CFCM). • Certified Professional Contract Manager (CPCM) is experienced and trained in both earlier areas.

  7. Commercial Contract Management System • As the company grows the number of contracts you sign on a monthly base also multiplies. The chances for risks also multiplies. • With an automated solution you can draft contracts easily, get them trough approval stages automatically without any hiccups, store them safely in a digitally encrypted storage location. • Imagine the time teams could save in the process, all because of the contract management solution.

  8. Conclusion • Commercial contract management system is crucial for enterprise organizations. • Without proper supervision and planned execution, you could be in big trouble. • When certified professionals are empowered with the right tools you achieve the most of out of contract management processes.

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