System and method for contract management in a data marketplace are disclosed. In an embodiment, the system performs refactoring of a contract, during which the system extracts terms and conditions from the contract and generates a simplified view of the contract. The system further performs a requirement validation based on the contract, during which the system determines features of data entity matches requirements specified by a first party or not, based on domain specific ontologies. If the data entity features are not matching with the requirements, then the system fetches one or more relevant attributes from a list of ontologies, verifies whether the features of entity along with the selected feature(s) satisfy the requirements or not. The system accordingly generates an agreeable requirement document as output of the requirement validation.