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What is commercial management? Commercial management involves negotiating formal business agreements between two companies. Deals are established by contract managers, who coordinate the process and make sure each party clearly understands their rights, responsibilities and deliverables. Successful projects demand strong commercial management & leadership, robust commercial controls, strategic procurement advice, and a sound contracting strategy. Basics of Commercial Management There are numerous phases in commercial management – from submitting the initial proposal, to negotiating the terms of the agreement, to terminating or renewing the contract upon its expiration. Professional contract managers are not only responsible for creating and renewing contracts, but they also interpret, manage and enforce existing contracts. Applying this to the early stages of a project ensures the profitable management of projects and contracts from inception to completion, and ens...