Contract risk management

Contract risk management examines and manages contract risk throughout the contract's life cycle. Contract risk is measured in terms of lost business opportunities, legal exposure to unplanned events, and the potential commercial impact of contracts with your organization. You must be able to determine the exact level of risk inherent in the contract at each stage of its life cycle. Companies can mitigate the risks of endangering profitability and feasibility in a number of ways. Contract risk management is the most often used approach to dealing with and managing risk. This technique identifies risks and seeks to control them through contract negotiation and contract writing before signing a contract with a certain vendor or partner.

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