Which term encompasses both contract formation and contract administration?

The term that encompasses both contract formation and contract administration is contract management. This concept integrates all the processes involved in the creation of a contract, which includes negotiations and drafting, and continues throughout the lifecycle of the contract with administration tasks such as monitoring compliance, managing changes, and ensuring fulfillment of obligations by all parties involved.

Effective contract management is vital because it ensures that contracts are not only created and executed efficiently but also administered properly to mitigate risks, manage vendor relationships, and achieve the intended benefits outlined within the contract. This holistic approach allows for a coordinated strategy that encompasses all phases of the contract process, ensuring that both formation and administration work hand in hand to achieve organizational goals.

Other terms such as contract formation, contract administration, and contract execution focus on specific aspects of the contracting process rather than providing a comprehensive view, making contract management the most accurate choice.