Contract Creation

This stage involves drafting the contract terms and conditions, including the scope of work, payment terms, deliverables, and any other relevant provisions. Contracts may be created from scratch or based on templates.

Contract Negotiation

Once the contract is drafted, it is reviewed and negotiated between the parties to ensure that all terms are acceptable. Negotiation may involve changes to the contract language, scope, or pricing.

Contract Approval

After negotiation, the contract is reviewed and approved by authorized parties, such as senior management, legal, and procurement departments, to ensure compliance with company policies and legal requirements.

Contract Implementation

After execution, the terms of the contract are implemented, and both parties begin to fulfill their obligations as outlined in the contract. This stage may involve setting up monitoring and reporting mechanisms to track performance.

Contract Monitoring

Throughout the contract term, the performance of the contract is monitored to ensure that both parties are meeting their obligations. This may involve regular meetings, reports, and audits to track progress.

Contract Amendments

If there are any changes or amendments to the contract terms during the contract term, these changes are documented and agreed upon by both parties. Amendments may be necessary due to changes in circumstances or requirements.

Contract Renewal or Termination

At the end of the contract term, the contract may be renewed if both parties agree to continue the relationship. Alternatively, the contract may be terminated if either party decides not to renew.

Contract Execution

Once approved, the contract is signed by all parties involved, and any necessary approvals or signatures are obtained. This marks the official start of the contract.