The entertainment industry is contract-heavy and required to stay current on artist agreements, contracts outlining royalty rights, freelance contracts, outside media relations, and other time-sensitive and detailed contracts. Compromising contract confidentiality and missing crucial deadlines are common problems that plague the entertainment business, and have severe consequences that can be eliminated with efficient contract management. Here are three ways that contract management software can benefit the entertainement industry.
Organize Contracts Into One Location
Entertainment personnel is divided into different pieces of the the larger puzzle, may that be managers, booking agents, the talent itself, or part-time hires. As many companies have multiple branches across the globe, the entertainment industry is required to keep track of a number of different contracts simutaneously. Some of these contracts may be stored in an assortment of folders or flash drives, making it difficult to locate them quickly and efficiently. Having contracts stored in a centralized corporate repository eliminates the chance of them being lost and consolidates contracts into an organized location.
Limit Who is Able to View Contracts
An entertainment company’s value is embedded in the talent it employs and their respective creative property. Keeping these contracts confidential and controlling who has access to them is essential. Many contracts need to be viewed by other departments within the same company, leading to a greater chance of contracts landing somewhere they are not supposed to on accident. Limiting how a contract is viewed and the extent of access is vital to maintaining privacy, and contract management software that has permission-based user roles ensures only the intended audience has access.
Stay One Step Ahead of Contract Obligations
Juggling so many contracts makes it difficult to manage when they are expiring or need to be renewed. Even missing one deadline could cost the company a significant amount of money. Entertainment contracts have a wide variety of contract obligations and milestones, creating a necessity to be proactive about upcoming deadlines. For example, some contracts, like personal service agreements, don’t expire for years, while temp contracts could be as short as one to two months. With a contract management system that has milestone notifications gives busy individuals the ability to set multiple reminders and eliminate the worry and embarrassment of missing something important.
Highly regulated and fast paced, the entertainment industry relies on ways of making arduous contract management processes easier and more efficient. Contract management software can solve this problem, freeing up time for employees to focus on other valuable aspects of entertainment contracting.