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How To Improve Contract Management Process - Best Practices Set it and forget it doesn’t work with commercial contracts. Businesses need a quality contract management process in place to help ensure their operations run smoothly. Every stage of a contract’s lifecycle should be overseen for compliance with its terms. Best practices provide clear benchmarks for a successful contract management process. What Is Contract Management? Contract management means overseeing every aspect of a contract, from conception to execution and all the way to renewal. Best practices are used to ensure quality at every stage, which leads to better-managed contracts and the ability to predict and mitigate contract risk. As you know, contracts form binding agreements and establish duties that parties must execute. As such, a business that does not know how to manage contracts successfully risks finding itself in breach of contract or winding up in a disadvantaged position.