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What Is Contract Management Lifecycle And Why Is It Important?

Obobo

The creation phase involves drafting the document, reviewing it, and obtaining approvals. In each stage of the contract management lifecycle, there are numerous tasks, controls, and best practices that organizations need to follow for effective management of their contracts.

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What Is Vendor Contract Management And Why Is It Important?

Obobo

It centralizes the documentation and records of all vendor contracts in one place, allowing for improved collaboration and compliance. VCM helps businesses build and maintain strong relationships with vendors, reduce costs, and avoid potential legal disputes.