What is it about?
The traditional approach of contract lifecycle management (CLM) understands the contract as an object that must be managed. The paper shows that better results can be yielded if the contract itself is understood and used as an instrument for achieving the company's business objectives.
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Why is it important?
In business, contracts are traditionally perceived as a subject matter that is of relevance only for the lawyers but not for managers. This causes deficiencies in the design and the deployment of contracts with the consequence that the valuable and costly resource of contracts cannot fully unfold its potential to contribute to the steering of the company and the business relationship.
Perspectives
When working in industries, I received the impression that the traditional understanding of contracts in business cannot fully explain its working mechanisms and results in an inappropriate deployment. Therefore, I felt urged to outline an alternative concept of contract usage that satisfies practical requirements.
Dr. Ralph Schuhmann
Ernst-Abbe-Hochschule Jena
Read the Original
This page is a summary of: From Contract Management to Contractual Management, European Review of Contract Law, January 2015, De Gruyter,
DOI: 10.1515/ercl-2015-0001.
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