Ace the CPCM Challenge 2026 – Unlock Your Contract Management Superpowers!

Contract management encompasses the comprehensive activities involved in developing, performing, and closing contracts. This includes various stages such as the initial planning, negotiation, and drafting of contract terms, followed by the execution and monitoring of the contract's performance to ensure all parties meet their obligations. Finally, it involves the closure phase, which can include contract renewal or termination processes and ensuring all contractual deliverables have been completed satisfactorily.

While negotiating salaries for contractors pertains to specific aspects of contracts, it does not cover the entirety of what contract management entails. Similarly, reviewing financial statements is more of a financial oversight function rather than a core component of contract management. Evaluating employee performance related to contract execution is also a narrower focus and doesn't capture the entire lifecycle and responsibilities associated with effective contract management.