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Lessons Learned are documented details about the good, bad and ugly of any sort of project, from negotiating a Contract, to implementing it or terminating it.
The aim is to provide details about what went well. so it can be repeated, and what didn't, so it doesn't happen again.
Contract reviews are a great time to discuss Lessons Learned and should be driven by the Contract Owner.
The lessons that have been learned can inform future decisions about third parties, stronger negotiations and can result in better contract outcomes.