What is Contract management?

Agreement control or contract administration is the control of agreements made with customers, providers, partners, or employees. Agreement control includes discussing the circumstances in agreements and ensuring conformity with the circumstances, as well as saving and saying yes on any changes or efficiencies that may occur during its execution or performance. It can be defined as the process of consistently and efficiently managing contract creation, performance, and analysis for the purpose of increasing financial and functional performance and reducing risk

Common commercial agreements include employment letters, sales accounts, purchase purchases, and utility contracts. Source  http://en.wikipedia.org