4 Best Practices for Managing an International Contract Portfolio

Managing a contract portfolio has always required diligent oversight and a keen attention to detail. But, now that contracts are becoming longer, more complicated agreements, and there is an increase in contracting at the international level, contract management must entail a well planned, highly strategic approach. For large companies, engaging in international contracting is quite common and handling an international contract portfolio is relatively routine, as they usually have the resources and manpower needed. For smaller businesses, however, technology has enabled international contracting, but managing it can be a bit trickier. Here are some best practices for managing an international contract portfolio:

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Characteristics of a Good Contract Compliance Manager

Implementing a contract compliance program protects an organization against unintentional compliance breaches, which can carry serious penalties. Often, putting together an effective program involves hiring one or more contract compliance managers. Finding the right person to serve in this capacity is a top priority to address compliance effectively. Before determining the most important characteristics of an effective contract compliance manager, it makes sense to review the responsibilities of the role. Some aspects of the job will naturally vary from organization to organization, but compliance management typically involves the following:

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5 Best Practices for Preparing a Contract Administration Plan

Once the ink is dry on the contract you've signed, you still need to actively manage the transaction in order to make sure that it goes off without a hitch. That's what a contract administration plan is for: a formal document that describes how both parties will remain in compliance with the terms of the contract throughout the length of the agreement.

In order to maximize the chances of a successful contract and reduce friction and disagreements, your contract administration plan should be as definitive and detailed as possible. Following the five guidelines below will help make your next contract administration plan an excellent one.

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Top Contract Management Trends Impacting Healthcare

Earlier this year, we discussed some contract management trends that affect company operations and culture. As a new year approaches, how will contract management trends continue and develop, and what do they mean for the healthcare industry? 

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How Contract Management Can Help Reduce Contract Cycle Time

Contract management is a time-consuming albeit necessary facet of running a business. Most companies likely have dozens, if not hundreds of contracts with professional services companies, vendors, and/or clients. Trying to keep a handle on so many contracts, and especially so many different types of contracts, can be quite a headache if there is not a proper contract management system in place. Unfortunately, a lot of companies likely continue to rely on cumbersome spreadsheets to manage their contracting affairs. This may work for a small portfolio or for a brief period of time, but this can be overwhelming to handle as a company grows. And, ineffective management often leads to slower contract cycles, as time is usually wasted on trivial details instead of high level matters. Here is how the right contract management can help reduce contract cycle time:

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Compensation Vs. Supplemental Agreements in Business Contracts

Contracts come in all shapes and sizes and address a range of business issues. Broadly speaking, most contracts involve an agreement between two parties for the payment of money in exchange for the provision of goods or services. Of course, there are a lot of different types of contracts, and many are far more nuanced than that. And, many agreements may not actually be labeled as contracts but are in fact such. For example, documents known as licensing agreements, non-disclosure or confidentiality agreements, and non-competes are all types of contracts, even though the names of these agreements may not immediately suggest that. Two common agreements used alongside or in addition to a regular business contract are the compensation agreement and the supplemental agreement. Here is a quick explanation of these contracts:

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Contract Discharge or Termination: the Key Differences

In the ideal business world, contracts will end when they are supposed to end, which is usually at the time that all obligations under the contract have been performed. This means that all parties to the contract have fulfilled their duties as outlined in the contract and as agreed upon at the time that the contract was drafted. Unfortunately, the business world is often messy and complicated, and all sorts of contracts end up falling apart for various reasons. There are different ways of characterizing the end of a contract, depending on the circumstances under which the contract ceases to exist as originally drafted. Here are a few of those ways and the differences between them:

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5 Best Practices for Commercial Contracts

These days, a good contract is one that is adaptable. Companies often spend an inordinate amount of time and money negotiating and drafting legally binding contracts in order to have reliable, fixed agreements with their business partners. But, this does not mean that contracts should not be flexible, as agile contracts allow for better relationships and results. Here are five best practices for handling commercial contracts given the need for adaptability:

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What Core Features Should You Look for in Service Contract Software?

In your research to find a contract management solution, you’re sure to encounter a long list of options. Comparing one software system’s set of features against a competitor’s can be time-consuming and overwhelming. Before you put contract management on the back burner, consider this: A successful software system can save your organization time and money, and improve security. What’s more, we’re here to slash your research time with a list of the essential features you need in an effective service contract software system.

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The Importance of a Post-Award Kick-Off Meeting in Contract Management

The ink might barely be dry on the documents, but that doesn't mean you can kick back and relax just yet. After signing a contract, it's crucial that you hold a post-award kick-off meeting as soon as possible in order to get everyone on the same page. Below, you'll find an overview of everything you need to know about how to start off your contract on the right foot.

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