Contract lifecycle management is the process of managing all stages of a contract, from creation to expiration. This includes drafting, negotiation, approval, execution, compliance, and amendments.
With the evolution of technology, it has become easier to manage contracts digitally rather than relying on physical copies or manual processes. Effective contract lifecycle management can help streamline business operations, reduce risk, and increase transparency. By implementing this process, businesses can ensure that contracts are not only properly executed, but that they are also fulfilling their intended purposes.
When it comes to multi-vendor marketplaces, contract management encompasses the tracking and management of vendor agreements, including commission fees, payment processing, product listings, and customer service. The agreement between the seller and the platform is essential to ensure both parties understand their responsibilities and there is a clear commission structure.