Describe A contract life cycle

Contract life cycle
A contract life cycle can be explained as the time it takes for the contract to move from the initiation phase through award, completion, and renewal. This is made possible through Contract Lifecycle Management (CLM). Contract life cycle management is the process throughout its lifetime of monitoring and management of a contract. This covers its performance monitoring, compliance, and other significant aspects to assess how a contract is successful (Gupta et al., 2008). The usage of automated contract management systems usually implements CLM. While you may manually manage the contract life cycle, this may be a time-consuming procedure that ultimately takes too long to benefit your organization. A CMS is a terrific tool to make the CLM process easier. It can help you serve your consumers better and keep the regulatory authorities and contractual requirements in compliance. A poor contract life management leads to inadequate delivery, inability to be proactive, wasted time, errors, and the failure to enforce contract terms. Some of the benefits of successful contract life management include maintaining compliance, cutting down on delays, eliminating human error, saving time, and saving on money. There are several steps to the process of managing the contract life cycle. Although some steps require greater attention than others, all of them are crucial elements. They include template authoring, contract creation, contract review, contract approval, contract execution, contract performance, and contract expiration.
The post-award period indicates the measures taken after a contract is signed and an agreement is concluded. This phase is commonly disregarded in contract management. However, it does not suggest that the work has been done, and the negotiations have stopped, simply because the contract is signed. The agreement needs to be constantly referenced and monitored. The company shall ensure that all contractual duties, metrics, and requirements are fulfilled. To address all claims and conflicts and respect the terms and conditions all demands consistency and a high level of organizational responsibility. A significant day can easily be missed without a well-functioning framework in place. A key obligation that is important to all parties is easily disregarded in the contract. An efficient contract management system is at work here. If not more critical, the post-award phases of the agreement are equally as significant as the pre-contract phase. You have a signed contract and duties at this point and must comply with the contractual terms and conditions and act on them.
There are many advantages to having a post-award contract arrangement. This saves time and enhances your contract performance overall. The effort to manually amend and evaluate contracts will be reduced, and the efficiency and productivity of your working environment will be improved. Some of the specific benefits of having the arrangement include; improved vendor relationship, increased ability to track vendor responsibility, reduced cycle times, improved audit and compliance status, among others.
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