This article highlights how generative AI is transforming contract management by automating key processes, enhancing accuracy, and providing data-driven insights. By leveraging advanced algorithms, AI can automate contract generation, review, and renewals, reducing the time and effort involved in drafting and managing contracts. This not only boosts efficiency but also improves compliance by ensuring contracts align with regulatory standards, minimizing legal risks. Furthermore, generative AI enables businesses to make better decisions by analyzing contract data and offering predictive insights, particularly during negotiations and renewals. The article emphasizes that AI-driven contract management leads to significant cost savings, faster decision-making, and proactive risk mitigation. Success stories in industries like pharmaceuticals and legal services illustrate the real-world impact of these technologies. The implementation of AI in contract management is guided by best practices such as continuous monitoring to ensure optimal performance and reliability.