Why is it important for a Contract Manager to provide business advice?

Providing business advice is crucial for a Contract Manager primarily because it ensures compliance with legal standards. Contract Managers have a responsibility to understand and navigate the complex landscape of laws and regulations that govern contracts. By offering sound business advice, they help organizations adhere to legal requirements, thus minimizing the risk of legal disputes and penalties that could arise from non-compliance. This compliance is essential not only for maintaining the organization's reputation but also for fostering trust and reliability in relationships with vendors, customers, and other stakeholders. Additionally, advising on compliance can lead to more effective contract negotiations and execution, ultimately supporting the organization's strategic objectives.