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Legal and binding contracts are essential for organizations, defining relationships with partners, suppliers, customers, and employees. Contracts can come in various forms and include clauses, terms, conditions, commitments, and milestones that must be monitored throughout the contract lifecycle. However, contracts are often scattered across different parts of an organization, making it difficult to locate and manage them effectively. Automating contract management at the department level with limited solutions can lead to manual reviews, long contract cycle times, high costs, and compliance risks. An enterprise approach, like OpenText Contract Center, is needed for efficient and effective contract management.
