Every business relationship relies on contracts. Contracts are made with vendors, employees, customers, partnerships, etc. These agreements must be managed carefully, which is where contract management comes into the picture. In order to effectively implement contract management, however, it is necessary to understand what it entails.Contract management is not just contract administration. Rather than simply drawing up the contracts, the manager works to ensure that the entire process runs smoothly; he or she is involved in not just the planning and development but also the execution of the contract, and beyond to the point of renewal.If contracts are managed well, business relationship will flourish. Poor contract management, on the contrary, can cost business relationships, delays projects, causes litigation, and damages the bottom line.  This course touches on the definition of contract management, legal and ethical contract management, how to create a contract, contract negotiations, assessing performance, amending, auditing and renewing contracts.