Contract Management is the process of creating, executing, and overseeing agreements between parties. It involves ensuring that all terms and conditions are met, which helps to minimize risks and maximize the value of the contract. Effective contract management includes tracking deadlines, managing changes, and ensuring compliance with legal and regulatory requirements. A key aspect of Contract Management is communication between stakeholders. This ensures that all parties understand their responsibilities and obligations. By maintaining clear records and documentation, organizations can resolve disputes more efficiently and improve their overall contract performance, leading to better relationships and outcomes.