Effective procurement procedures are essential for any business to succeed in the constantly evolving global marketplace of today. Over 30% of contracts perform poorly due to inadequate contract management, and at least 10% of corporate value is lost as a result of ineffective or inefficient procurement processes, according to the World Commerce and Contracting Association (WCC). 

A contract is one of the most important components of any industry or corporation, and conducting business or engaging in any form of collaboration without one may be a nightmare for all parties involved.