Contract administration can bring forth a host of challenges. Between establishing a contract administration plan, following through with that plan within a set timeline, tracking contract financials, overseeing the contract lifecycle and planning for risk variables, contract administrators have a lot on their plate – and a lot of room for error, contract risks and bottlenecks. Fortunately, contract management software can help. Here’s how. Contract administration is the planning and execution of contracts. It involves oversight of contract lifecycle management and the tracking of counterparties, contract financials, employees, contractual risk, contract security and access, and contract management KPIs.