How to Perform a Contract Compliance Audit

Contracts are critical legal instruments for companies of all sizes in virtually every sector. Although sourcing, negotiating, and drafting contracts can be quite a tedious process, contracting does not end once the agreement is put to paper. In fact, the real work begins once all parties have signed the final documents. To ensure that the terms and conditions of a contract are being performed as stipulated, it is crucial to conduct periodic audits. This may be done at a micro level (i.e., by contract) or at a macro level (i.e., a review of the entire portfolio). Here are some of the key points to consider to perform a contract compliance audit:

Read More

Why You Need To Audit Your Manufacturing Contracts Every Quarter

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

4 Things to Know About Compliance


For companies engaged in contracting, understanding compliance is critical to survival. High value contracts, in particular, will be subjected to very strict oversight and scrutiny. Obviously, failing to comply with contract terms could mean lost business for a company, but there may be legal consequences and hefty financial penalties as well. And, compliance is not always about an evaluation of an external party's actions, or lack thereof.

Read More

Reasons Why You Should Be Storing Your Contracts In the Cloud

The convenience and rapid advancement of technology continue to make starting and running a business easier and cheaper. There is no need to waste time and money on outdated processes and systems that rely on large amounts of paper documents and bulky filing cabinets. Cloud computing has allowed companies to simplify document management, and more and more companies are making the transition to becoming (almost completely) paperless offices.

Read More