Hi Stephen
Contract Management is one of the integral parts of Supplier Management. Various types of supplier-contract or outsourcing types are defined under the Contract Management section of ITIL Supplier Management Process.
What is contract?
In short, a Contract is a Documented & Legal Binding Agreement between a Service Provider (or Service Supplier) and the consumer of service (mainly customer) to provide or receive some services respectively.
In case of supplier contract, It generally specifies all necessary information such as nature of service, SLA targets, Cost of Service etc. The official term of such delegation of service to a third party provider is called “Out-Sourcing”.
Also refer ,We have OOB workflow related the contract management i.e. ‘CONTRACT APPROVAL’.
Navigate>>Workflow editor>> click on it>>search >>contract Approval
As above mention the contract management is the part of supplier management. For More details refer the following threads.
https://www.certguidance.com/supplier-management-contract-outsourcing-itil/
https://www.itilnews.com/index.php?pagename=What_is_Supplier_Management_from_an_ITIL_perspective
If it help mark helpful or correct
Thanks and regards
Anil
