Contract Management
Contract management in India involves the process of creating, executing, and managing contracts between two or more parties. It is an important aspect of business operations and helps to ensure that parties comply with their contractual obligations.
In India, contract management is governed by various laws and regulations, including the Indian Contract Act, 1872, the Sale of Goods Act, 1930, and the Companies Act, 2013. These laws provide a framework for the formation and enforcement of contracts, and also provide guidelines for dispute resolution.
In terms of best practices for contract management in India, it is important for parties to clearly define their roles and responsibilities in the contract, as well as to establish clear timelines and performance metrics. Parties should also include provisions for dispute resolution and termination of the contract in case of non-compliance.
Additionally, in recent years, the use of technology in contract management has become increasingly popular in India. Various software tools and platforms are available to help automate the contract management process, including contract creation, tracking, and compliance monitoring.