Contract lifecycle management

Contract lifecycle management involves effectively managing contracts throughout their lifecycle, from initiation to termination. It encompasses activities such as contract drafting, negotiation, execution, performance monitoring, and contract renewal or termination.

Beginner competence definition

A beginner-level professional understands basic contract lifecycle concepts and supports more experienced professionals in contract administration tasks and can assist in organizing contract documents, tracking key contract dates and milestones, and supporting contract renewals or terminations. They may require guidance from more experienced professionals in handling complex contract drafting and negotiation processes.

Intermediate competence definition

An intermediate-level professional is able to perform contract drafting, negotiation, and execution. They can participate in contract review meetings, ensuring contractual terms and conditions align with business requirements and legal standards, as well as monitor contract performance, track deliverables, and facilitate timely contract renewals or terminations. They also possess strong attention to detail and organizational skills to manage contract repositories, maintain accurate contract records, and ensure compliance with contractual obligations.

Advanced competence definition

An advanced-level professional has extensive knowledge of contract law, contract management systems, and best practices in contract administration. They lead contract management initiatives, collaborating with stakeholders to develop contract templates, streamline contract processes, and implement contract management frameworks. They possess advanced negotiation skills to resolve complex contract disputes and drive favorable contract outcomes and proactively identify opportunities for contract improvement, develop strategies to optimize contract terms and conditions, and ensure contract compliance throughout the lifecycle. In our experience, we have found they also provide guidance and training to internal stakeholders on contract management practices, establish performance metrics for contract performance evaluation, and drive continuous improvement in contract administration processes.