Your legal team has an important role to play when your business is looking to reduce expenses, and your contract portfolio should be the first place you look for solutions. By understanding the specific details contained within your agreements, you can simultaneously reduce the risk of missing key contract deadlines and identify the most significant opportunities to reduce spending across your organization.
When your legal team is tasked with reducing expenses, you need to be able to separate essential and non-essential costs. But before you can start making decisions about which of your agreements you can live without, you must have a firm grasp on all of your organization's contracts and commitments, including key dates, deadlines, terms, and more.
Once you have the full picture of your contract situation, you can then begin to identify the biggest opportunities within your contracts to impact spending, based on things like contract value and upcoming milestones.
From there, you can dive further into those specific contracts and determine where there's actually flexibility to change or terminate agreements based on the agreed upon terms.