Recently, the contract management duties have drastically evolved due to different contract obligations. New technical opportunities have brought more advanced management techniques that have dramatically changed the way contracts are being dealt with. The negotiations and review of contracts have been done in standardized processes and procedures. These have been connected to information technology in management of contracts. New information technologies have enabled the companies to create, implement and monitor their contracts in a more efficient way. This has led to easier management of contracts that has also improved the effectiveness of contracts. There are new concepts such as visibility of contracts and contractual lifecycle that symbolize the changes.
New opportunities that have been used to regulate contracts have emerged as part of the new technologies and management practices. These regulations have been adopted to manage depending on the substantive requirements. This article has analyzed the advantages and disadvantages of these regulations in contracts. These regulations have also been considered as the substitute mandatory contract rules that have increased the freedom of contracts in agreements. There are possibilities that the contract management regulations relate to the contract law. This is because the contract management and the contract law compete with each other. This is because they both rule each other and influence each other.
The new contract management duties have utilized a contract management system that has helped individuals with information that is necessary to adapt to agreements. This has become important in the rise of contract management. The systems have been used to monitor and implement changes in contracts. The contract management systems are also important in managing risks in contracts in relation to risk management systems. The risk management is used to establish security measures in case of a certain risk. This article has, therefore, analyzed the new technologies in contract management duties and their impacts in the management of contracts. These have been used to ensure standard contracts with techniques that are constantly changing due to globalization and technology.
Kaehler, L. (2013). Contract-management duties as a new regulatory device.