What is the main purpose of the Contract Management Standard™ Publication?

The main purpose of the Contract Management Standard™ Publication is to describe contract management processes. This standard provides a framework for professionals in the field to understand the various phases and components of effective contract management. It encompasses the entire lifecycle of a contract, from initiation to completion and closure, and emphasizes best practices, methodologies, and tools that practitioners can use to enhance efficiency, compliance, and risk management in their contract activities. This resource is instrumental in establishing a shared understanding of processes and standards within the profession, thus fostering consistency and high-quality management practices across organizations.

Contract law, while an important aspect of contract management, is not the primary focus of the publication. Procurement procedures, although related, are also not the central theme, as the publication covers broader contract management practices that go beyond just procurement. Establishing negotiation tactics is a vital skill in contract management, but it is only one part of the overall management process addressed in the standard. The publication aims to equip contract managers with a comprehensive understanding of the processes involved, ensuring they can manage contracts effectively and contribute to their organization's success.