Defining Contract Management

Contracts are written agreements, and often contain a detailed description of the terms between each party. There is always an element of risk in most contracts that one side will not fulfill its obligations under the agreement. Contracts can be made verbally or through formal documents such as letters or emails. If they are oral then they must also be recorded to ensure there is no confusion about what was agreed upon before any business dealings take place.

Contracts should include all necessary information including but not limited to:
The relationship being established (elements needed for contract)
The length of time this relation will last (the duration)
Details on how payment(s), if applicable, will occur at certain intervals during their period.