A Contract Management System (CMS), sometimes called Control Lifecycle
Management manages the production and management of contracts, Service
Level Agreements (SLA) and Procurement Master Agreements.
Contracts are core to any business’s procurement activities. They set out the prices, service levels, terms and supplier relationship and ensure that your company is regularly supplied with their direct and indirect supplies.
A company’s Contract Management System not only sets out these important details but also controls a company’s risk of a vendor not performing correctly. Features of a good Contract Management System includes:
You can find a Contract Management System for large, medium and small companies and most of them claim to:
If any Contract management system meets the claims of the vendor, it’s a different issue for which you need to decide yourself. Part of the information here would definitely help.