A “stakeholder” is an individual or department that has had input into the development of the contract, and who would need to be notified at once should there be problems, proposed amendments (including cost or price changes), changes in the scope of work or schedule of deliverables, changes to the agreed upon timeline, decisions to exercise cancellation clause, decision to exercise options to renew and the like.

That sounds like a lot of work right? Don’t worry we’re here to help you out. Download this checklist to review important aspects and best practices for a successful contract management process.