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 value. Effective contract management includes negotiation, compliance monitoring, and performance evaluation. A key aspect of contract management is maintaining clear communication between all involved parties. This ensures that everyone understands their responsibilities and obligations. By keeping track of deadlines and deliverables, organizations can avoid disputes and foster positive relationships, ultimately leading to successful outcomes for all stakeholders.