Contract Negotiation and Management

Contract negotiation and management involve the process of discussing and agreeing on the terms of a contract, which is a formal agreement between parties. During negotiation, parties express their needs, propose terms, and work towards a mutually beneficial agreement. Once the contract is finalized, management ensures that all parties fulfill their obligations, deadlines are met, and any issues are addressed promptly. Effective contract negotiation and management help prevent misunderstandings, ensure compliance, and maintain positive relationships between the involved parties throughout the duration of the contract.