The Relationship Between Contract Management & Compliance

The terms contract management and contract compliance are often used interchangeably. Although the two business processes do overlap in many ways, and it is not incorrect to intermingle these concepts, there are some slight nuances to each. Perhaps the easiest way to discern the difference is by thinking about contract management as a more internal process focused on the manner in which a company is managing its own contract portfolio. On the other hand, contract compliance is somewhat more externally focused, as it requires an examination of the performance by the other parties to contracts. Despite these subtle differences, contract management and compliance will always be inextricably intertwined as each facet continuously influences the other, as discussed below.

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Enterprise Contract Management Is More Important Than You Think: So Who Needs It?

Enterprise contract management is a means of streamlining and improving how contracts are stored and reviewed throughout an organization. If you are investigating contract management options, there’s a good chance you already know a manual system is insufficient for your company’s needs. The question is where to go from here.

The more an organization matches the following conditions, the likelier it is that the company would benefit from an enterprise contract management solution.

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The Top 5 Best Practices for Contract Compliance

Every aspect of the contracting process requires patience and a strong attention to detail. The negotiation phase can be incredibly arduous, and drafting often goes round and round as lawyers seek to agree upon the contractual language. Of course, once the deal is done and the ink on the documents has dried, the intricacies of administering the contract and ensuring proper performance and compliance begin. Here are some of the best practices for contract compliance:

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Why Contract Compliance Management Can Make Or Break Your Business

Contracting and compliance are integral and intertwined facets that take up a significant amount of resources for most companies. The key to keeping things on track and avoiding costly issues is to institute a coherent management plan. Both contracting and compliance matters require diligent oversight, and periodic internal audits can help companies to identify potential lapses before they become much larger complications. Although it is wise to stay on top of all of a business’s operations, contract compliance, in particular, cannot be overlooked, as the consequences may prove catastrophic. Here is why contract compliance can make or break your business:

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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.

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Throwing Money Away: Why You Should Avoid Reactive Contract Management at All Costs

Running a business involves multitasking, prioritizing, and constantly revisiting how best to multitask and prioritize. More often than not, there simply aren't enough hours in a day,to get everything that they need to do done. Certain things get postponed to the next day or the next week or even the next month. Because of the constant juggle, people have a tendency to put off doing things that don't seem pressing in the immediate future.

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Contract Management versus Relationship Management: Are They One and the Same?

The simplest answer to this question is yes, but the reason for this is a bit more complex. It is no secret that the business environment is constantly evolving, and as things change, so do people’s expectations. These inevitable changes and shifting expectations are occurring at all levels. For example, leadership roles frequently expand and shrink, the responsibilities of employees fluctuate, and clients are becoming increasingly particular. Companies must be able to adapt quickly to meet these changing demands and remain competitive, and this requires strong management skills and processes.

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Benefits of Contract Milestone Management

Supervising people and managing projects are not exactly easy tasks. This is particularly true when it comes to managing contracts and trying to shepherd those involved with ensuring that the contractual terms are fulfilled properly. Depending on the nature and scope of a company’s contracts, complying with the many provisions of these agreements may require the involvement of one, several, or many company employees, as well as any number of outside individuals.

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Contracts Are Assets Not Weapons

With litigation on an alarming upward trajectory, a lot of companies view contracting as a necessary evil of conducting business. It would be impossible to complete transactions without the terms of an agreement formalized in writing. But, contracts aren't just about portraying obligations and responsibilities in a textual format. Rather, contracts as a whole are meant to create value and yield economic benefits to the companies involved.

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5 Key Actions of Strategic Contract Managers

Contract managers will always engage in the negotiation, implementation, and management of a company’s contracts to some degree. However, the role of a contract manager has been gradually changing as the global economic landscape continues to shift and evolve. These days, a contract manager must do far more than serve in an operational capacity, as they had traditionally done for quite some time. Now, the scope of a contract managers's day-to-day responsibilities also entails a great deal of strategic evaluation, planning, and execution. Contract managers must, of course, continue to manage contracts diligently, but they must also actively monitor compliance, analyze performance, and make strategic changes as appropriate in order to promote the growth of the company.

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