Question

Discuss the various stages in contract placement

Answer 1

Contract management has taken on a bigger role in day-to-day tasks as businesses work towards increasing productivity without increasing their employee numbers. As the amount of contracts in business transactions grow, it’s imperative that contracts save time, not consume more of it. If the contract management process isn’t automated, however, it’s bound to do just that. Having a comprehensive understanding of the contract management process can minimize time spent working on administrative tasks and maximize strategy.Stage One: Contract Preparation—Identify Your Needs, Establish Goals, Set Expectations, and Define Risk.