What is contract management?

Joey Dormady

Assistant Dean, Graduate Programs and New Education Initiatives

Joey Dormady leads ASU Law’s growing portfolio of master’s degree programs and is passionate about creating accessible, high-quality legal education for students from all backgrounds.

Contract management—also known as contract administration or agreement management—is the process of creating, negotiating, executing and overseeing agreements between parties to ensure everyone fulfills their obligations. It’s a foundational business function that keeps organizations compliant, minimizes risk and builds strong partnerships. Whether in business, government or the nonprofit world, effective contract management helps avoid disputes and drive efficiency.

In short, contract management ensures that every agreement delivers what it promises—on time, within budget and according to the law.

Professionals skilled in this area interpret complex legal language, manage performance expectations and resolve issues before they escalate. At the Sandra Day O’Connor College of Law at Arizona State University, students can develop these skills through the Master of Legal Studies (MLS) with an emphasis in contract management, a fully online program offered by an ABA-accredited law school.

How does contract management work?

Contract management starts with a simple but powerful concept: a contract is a legally binding agreement that defines the terms of an exchange, such as goods, services or payments. Written contracts provide the clarity and accountability that organizations rely on to build trust and ensure compliance.

Here are the main stages of contract management

• Drafting clear and enforceable terms
• Negotiating fair and mutually beneficial conditions
• Approving and executing finalized agreements
• Monitoring compliance and tracking performance
• Renewing, amending or closing contracts as circumstances change

Common skills for contract managers include

• Attention to detail and precision in documentation
• Strong communication and negotiation abilities
• The capacity to interpret and apply legal language
• Business acumen paired with legal literacy
   

Why does contract management matter?

Contracts define how organizations operate. Without well-structured agreements, even the best business relationships can falter. Effective contract management keeps operations running smoothly, prevents costly disputes and ensures that resources are used efficiently.

These skills are increasingly vital as companies adopt contract lifecycle management (CLM) tools and seek professionals who can integrate legal reasoning with technology and business strategy.

How can you study contract management at ASU Law?

ASU Law’s online MLS in contract management offers an in-depth look at how law interacts with business operations, procurement and compliance. The curriculum combines foundational law with practical contract management and legal project management techniques.

Courses you might take in ASU Law’s contract management program include

• U.S. Law and Legal Analysis — an introduction to the U.S. legal system and reasoning used by lawyers and judges
• Fundamentals of Contract Law — principles of contract formation, interpretation, defenses, warranties and remedies for breach
• Property — ownership, estates, landlord-tenant law and land-use planning
• Tort Law — legal protections against physical, economic and emotional harms
• U.S. Constitutional Law — structure of government and constitutional interpretation
• Contract Review and Structure for Professionals — analyzing and commenting on contract drafts, and aligning terms with business goals

Key skills developed through the MLS include

• Conducting legal research and analysis
• Applying objective reasoning to complex business decisions
• Drafting, reviewing and interpreting contract provisions
• Understanding and mitigating organizational risk

Learn more about ASU Law’s online Master of Legal Studies program.

What can you do with a contract management degree?

A graduate education in contract management from ASU Law opens opportunities across industries that depend on clear and enforceable agreements. With growing reliance on digital contracting and compliance frameworks, professionals who understand both law and business are in high demand.

Career options for contract management graduates include

Because nearly every organization depends on contracts to function, the need for professionals who can manage the full contract lifecycle continues to expand.

In summary

Contract management blends legal understanding with business strategy. Through ASU Law’s online MLS in contract management, students gain the expertise to draft, manage and analyze agreements that shape successful organizations—backed by the confidence of an ABA-accredited education.

In today’s contract-driven world, those who understand how to manage agreements effectively hold a critical advantage in every field.