What is the process of tracking and documenting contract performance called?

The process of tracking and documenting contract performance is accurately referred to as "Performance Evaluation." This process is essential for assessing how well the parties involved in a contract are meeting their agreed-upon terms and conditions. It involves systematic measurement of the performance metrics established in the contract, which may include quality of work, timeliness, compliance with standards, and overall effectiveness of the delivery of services or products.

Performance evaluation helps organizations ensure that the collaborative efforts are productive and that they can make decisions regarding potential adjustments to the contract or corrective actions if performance is lacking. It is an integral part of contract management because it provides insights into performance trends and opportunities for improvement.

Tracking and documenting performance not only keeps both parties accountable but also lays the groundwork for future negotiations or adjustments since it provides a data-driven basis for assessing contract efficacy.