Good contract management increases the probability of successful transactions and projects.

Best practice contract management provides a strategic tool to oversee the quality and integrity of business operations – defining and testing the alignment of your business with that of your trading partners, driving sustainable innovation and change.

Best practice contract management has two constructs:

"Commitment Management" represents the organizational construct for corporate delivery - the governance framework for interactions

Lean Contracting provides the method and insights to achieve balance, through quality and innovation - the construction and management of business relationships

Within the "Commitment Management" construct there are 10 best practices that need to be employed:
1. Ownership and accountability for contracting process*
2. Terms and structure audit and update*
3. Integration with Product Lifecycle Management
4. Portfolio risk management
5. Value chain focus
6. An electronic contracting strategy
7. Self-help skills assessment and development tools
8. Strategically aligned measurements and reporting
9. Pro-active change management*
10. Differentiation and sources of value: awareness and marketing

Employing these 10 practices will allow an organisation to attain the 'Lean Model".

Source: International Association for Contract and Commercial Management | www.iaccm.com