An internal or external party may conduct an audit of a company's documentation or procedures at some point in its existence, the purpose of which will vary. In some sectors such audits will be routine and in others only intermittent, or perhaps even non-existent. Regardless of whether or how often a company will be subjected to an external review, it is important for various team members to engage in periodic internal audits, or reviews, of their processes and systems. For companies engaged in manufacturing, this should occur on a quarterly basis, at a minimum, and is necessary for the following reasons:Read More
Startups and small businesses are often hesitant to retain the services of legal counsel, generally due to concerns over the hefty price of such advice. This is certainly understandable, although it may end up proving costly in the long run. With contract drafting, in particular, it is very important to confer with legal counsel to ensure that the bargain struck is equitable and allocates risk appropriately. There may be issues down the road that lead to expensive litigation if a company fails to receive the input of an attorney with respect to a legally binding document such as a contract. Rather than be reactive and shell out a bunch of money for a lawyer to clean up such a mess, it is wise to be proactive and engage counsel as early as practicable. Here are four ways to leverage legal counsel when it comes to contract negotiation and drafting:
Getting away from paper documents, especially those used in regular business practices and workflows, is a great step toward streamlining your company’s document management storage system (DMS).Read More
Compliance is a rather complicated albeit quite necessary facet of contracting. Of course, formal compliance procedures are not necessarily applicable in all contractual relationships, but it is highly relevant in the realm of government contracting and for the healthcare industry. Even if the nuances of compliance are not presently pertinent to your company’s contract portfolio, it is highly likely that they will be at some point. As a result, all contract management professionals must have a basic understanding of the process. Here are the key terms to know:Read More
The federal government spends billions of dollars on contracts with private businesses of all size and in all sectors. For many businesses, contracting with the government is an excellent and consistent way to generate revenue. However, with that revenue comes a great deal of responsibility. There are a lot of different rules and regulations to understand, with two important ones being the Federal Acquisition Regulation (FAR) and the Federal Acquisition Streamlining Act (FASA). Although contracting with the government has a ton of advantages, it can also present a lot of problems if your company is ill-equipped to handle it. Here are five questions your company must consider when assessing its existing or future government contracts to identify potential issues:Read More
Companies engaged in high volume contracting will likely encounter a contract portfolio review and/or audit at some point. This may be an internal process conducted to analyze the contract management system in place, or an external party may conduct the review to verify compliance. In many cases, both internal and external reviews may have to occur, perhaps on an annual basis or only one time every few years. Regardless of the type and scope of review that must take place, there are certain steps the contract management team can take to ensure that they are prepared for any such process. Here is a general checklist that may come in handy:Read More
For the past few years, the healthcare industry has dealt with growing state and federal regulations by increasing compliance budgets and staffing. And as demands accrue for greater accuracy, privacy, and patient data security healthcare organizations are carefully considering ways to improve compliance.
One area of ongoing concern for healthcare organizations is contract management. Contracts are required for many aspects of business, but a Journal of Contract Management report found that over 70 percent of companies can't find 10 percent or more of their signed contracts. This alarming statistic should give any management team pause, but the issue is particularly sensitive for the healthcare industry. Lost contracts can lead to serious breaches of privacy, duplications and administrative errors resulting in penalties for the organization.
Data security is central to a company retaining its competitive edge, as well as the trust of its clients and vendors. There really aren’t any documents that are exempt from this either. These days, businesses desperate to outmaneuver competitors and savvy hackers looking to make a buck seem to figure out how to infiltrate and exploit, or even monetize, virtually any pilfered data. Obviously, the data contained within a company’s contracts are not an exception to this reality, and thus they must be safeguarded with the same vigor as any other sensitive document.Read More
Successful management, both contract and otherwise, really boils down to cultivating solid working relationships. Obviously, the economics of a deal and the business operations of the parties involved are important facets of a smooth transaction. But, the knowledge and skills of the folks behind the scenes are equally important, if not more so. The team members’ soft skills are always relevant to how matters play out, especially when things go slightly awry, which is likely to happen in some form or fashion.Read More
If you've ever worked in a position where it was your responsibility to manage and track government contracts, then you know all-too-well how much of a challenge this can be. This can turn into an especially frustrating organizational nightmare when you take into consideration the varied range of contracts that often need to be managed by local governments. Factor in the fact that legacy contract management systems are cumbersome and difficult, and it's no surprise that managing government contracts can be such a difficult task.Read More