Contract Changes, Contract Managers, and the Importance of Communication

As we previously mentioned, it is critical for companies to closely track changes to contracts, as such changes tend to alter the deal, augment responsibilities, and lengthen the contracting relationship. Of course, in addition to carefully negotiating necessary changes and paying attention to any changes that are made, it is extremely important to ensure consistent communication throughout the process. Unfortunately, the team who deals with the initial contract negotiations as well as subsequent negotiations relating to needed changes often differs from the team who puts those changes into a written form. And, the team who must actually implement and oversee the changes once they have been finalized and formalized in writing is usually a whole new team. 

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Why You Absolutely Must Track Contract Changes

A lot of people are under the erroneous impression that contracts are static instruments that once finalized and signed must remain immune to changes in the business climate. Although contracts are intended to serve as the final version of an agreement between one or more parties, circumstances may arise that necessitate adjustments of some sort. These circumstances may be company-specific, market-induced, or economy-driven.

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