Contract Management & Contract Administration: What's the Difference?

As a business owner or legal professional, you understand the importance of efficient contract management. But when it comes to the different terms and processes, it can get confusing. That's why we're here to break down the difference between contract management and contract administration. Contract management refers to the overall process of creating, executing, and managing contracts throughout their lifecycle. It involves tasks such as drafting contracts, negotiating terms, and ensuring compliance with laws and regulations. On the other hand, contract administration is a more specific subset of contract management. It focuses on the day-to-day activities involved in maintaining and enforcing contracts. This includes tasks like monitoring performance, handling disputes, and renewing or terminating contracts. Both contract management and contract administration are vital for ensuring smooth operations in your organization. And with our all-in-one contract management software built on Microsoft 365, Dock 365, you can streamline these processes effortlessly. Our collaborative tools, automated workflows, and constant visibility of CLM will help optimize your contract management operations.