what is procurement and contract management
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.The personnel involved in Contract Administration required to negotiate, support and manage effective contracts are expensive to train and retain. study has found that for 42% of enterprises...the top driver for improvements in the management of contracts is the pressure to better assess and mitigate risks and additionally,nearly 65% of enterprises report that contract lifecycle management (CLM) has improved exposure to financial and legal risk..
(October 2010). Procurement is the act of acquiring, buying goods, services or works from an external source. It is favourable that the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the acquirer in terms of quality and quantity, time, and location.t is favourable that the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the acquirer in terms of quality and quantity, time, and location.