All business is based on Contracts.
Your contracts are the most accurate reflection of your business they are agreements and pledges that you have commemorated in writing, signed, witnessed and pledged. Your contracts are a reflection of what your organization has agreed to purchase or deliver typically with lots of legal language around it stating what will happen if this or that requirement or clause is not satisfied. It is inconceivable to me that business executives, who are otherwise very careful and methodical, simply have the contract document filed away for reference, without an effective mechanism for tracking how their contracts are performing. A poor performer, certainly, means lost revenue, lost opportunities, or excessive costs. Whether the contract is for a sale, license, maintenance, fee, upgrade, subscription or consulting, your business is to a great extent defined by the contracts that you make with your suppliers on one side, and with your customers on the other.