What is the focus of the Contract Management Standard™?

The focus of the Contract Management Standard™ is to improve contract management processes and practices. This standard serves as a framework that helps organizations and individuals develop effective methods and procedures in managing contracts throughout their lifecycle. By emphasizing best practices, the standard aims to enhance the overall efficiency and effectiveness of contract management, leading to better outcomes for both the organization and its stakeholders.

While training contract managers and providing guidelines for negotiations can be components of a robust contract management process, they don’t encapsulate the primary aim of the standard. Legal requirements are important in the context of contracts, but the standard itself is not specifically designed to establish those requirements; rather, it provides a methodology that can be followed to ensure contracts are managed properly and effectively. Consequently, focusing on improving practices ensures that all aspects of contract management, including compliance, risk management, and performance measurement, are addressed systematically.