Four Tips for Writing Contract Amendments

Drafting a sound contract often requires seemingly endless negotiations and countless versions of the agreement before all parties are satisfied. But, despite spending days, weeks, or even months getting a contract into a mutually acceptable format, circumstances often arise necessitating some sort of amendment to the existing contract language. It is important to remember that an amendment changes something in the contract, as opposed to an addenda which would involve making additions to the contract.

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The Difference Between Contract Management and Contract Administration

The terms contract administration and contract management are often used interchangeably. Although they share many similarities, at a granular level, they are technically different phases of the contract lifecycle. However, for many companies, the same team of professionals may be responsible for both facets of the contracting process, which is likely one of the reasons that people tend to conflate these terms. Deciding if these are related or distinct processes really depends on the size and resources of a company and whether the company has a specific team devoted to the contracting process. For smaller businesses, people often have multiple job functions, including the handling of all contract matters. Here are the primary differences between the two aspects of contracting:

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5 Best Practices For Contract Administration

Successful contract administration requires some serious planning and meticulous oversight. Regardless of whether a company’s portfolio has 50 contracts or 500, there will be a lot of details and deadlines to monitor. As a result, it is crucial for a company to have a solid contract management team in place, and one that is capable of overseeing any and all contracts that are added to the portfolio. Here are the top 5 best practices for contract administration:

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