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

At Dock 365, we understand the importance of effectively managing contracts for your business. That's why we have developed a comprehensive contract lifecycle management software that is built on Microsoft 365. Our all-in-one solution is designed to make contract management easy and efficient. But there is often confusion around the terms "contract management" and "contract administration." While they may seem similar, there are key differences between the two process activities that are crucial to understanding your internal contract operations. Contract management involves the creation, negotiation, and execution of contracts. It also includes ongoing monitoring and tracking of contract performance. On the other hand, contract administration deals with the day-to-day management of contracts, such as handling changes, disputes, and renewals. With Dock 365 Contract Management Software, you can streamline both contract management and administration processes. Our collaborative tools allow for easy communication and negotiation with stakeholders. Automated workflows ensure that tasks are completed on time and with accuracy.