Contract Management Strategies: 3 Ways Yours Might Be Putting You at Risk

Most businesses wisely invest a great deal of time and effort negotiating contracts they believe will best mitigate their contractual risks. According to benchmarking data from the International Association of Contract and Commercial Management, the investment of time and resources for negotiating and reviewing simple contracts averages $5000, while high-complexity agreements, which can involve extensive back and forth negotiations, cost $40,000 on the low end and $200,000 on the high end.

While this may seem like a steep up-front investment, it’s a smart one. From delayed deliveries that can slow or even derail important projects to compliance violations and resulting fines, important business arrangements can be rife with risk – and the legally-binding framework of a contract is an important tool for proactively reducing risk exposure.

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3 Contract Monitoring Best Practices You Can Implement Now

While contracts are an important tool for ensuring that you achieve the desired outcomes from your business agreements, the document itself is only half the equation. Getting the full value out of your contracts requires more than just a well-crafted agreement that clearly spells out deliverables and/or services and related terms and conditions and that has been signed by all parties. A strong, properly-executed contract is essential – but equally so is a contract monitoring plan that ensures that all obligations are met as specified.

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An Expert Guide to Recognizing Revenue from a Contract with a Customer

Have you ever wound down a deal with a customer and wondered if you had inadvertently left any money on the table? There’s a good chance you have: research from the International Association for Contract and Commercial Management (IACCM) found that on average, businesses could improve revenues by nearly 10 percent simply by strengthening contract management practices.

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Contract Management Tools for Reducing Contractual Risk

Contracts provide a clear and legally-binding framework for navigating all of your business dealings, from employment arrangements to purchase deals for key parts and supplies. While well-defined contract terms can help to reduce any risks related to your business arrangement, a contract alone is only of limited power. It is through the effective management of contracts that businesses truly reduce their vulnerabilities.

Fortunately, technology has greatly improved the discipline of contract management, providing features that make it easier and more efficient to handle agreements at every stage. To reduce your contractual risks, look for these four tools.

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Understanding the Impact of a Records Management System

Knowing what to do with high volumes of paperwork and digital files is a key challenge in the enterprise. Within contract management, records management is an even bigger challenge: between employment agreements, customer and vendor contracts, NDAs and a host of other agreement types, enterprise contract portfolios can consist of tens of thousands of contracts, both current and archival.

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Contract Management Year-End Highlights and 2019 Trends

As 2018 draws to a close and we look to the future of contract management, it's important to review some of the significant changes and innovations we've seen over the last year. We expect many of these trends to continue and grow into 2019, with contract management becoming more automated and convenient for all different types of businesses.

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Why Contract Risk Matters

The average Fortune 2000 company may be a party to as many as 40,000 active contracts, each one with its own set of authorities, enforcement, and risks. Allowing an ad hoc system of organization and management to develop - instead of a well-planned and methodically initiated strategy - creates unnecessary risk and adversely affect long-term growth.

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Top Contract Management Software: How to Evaluate

When it comes to contract management, non-specialized tools such as Excel spreadsheets, email, and Sharepoint are still the norm. But while these platforms can be familiar and easy to use, they don’t offer the dedicated features that are necessary to manage the complexities of handling your company’s most important documents.

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Contract Risk Assessment: How Do I Start?

While contracts are relatively straightforward in their construction - offer, acceptance, and consideration - beneath the surface lie a multitude of opportunity and obligation. Adding another layer of complexity, many contracts can be subject to competing authorities depending on the location of the parties, the ever-evolving regulatory landscape, and internal policies or responsibilities.

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Cloud Tech: The Next Chapter for Contract Management

Cloud-based applications and working environments offer unparalleled amounts of flexibility when it comes to handling day to day operations.   The improved versatility that hosted solutions and cloud-based services afford has led to many companies pursuing a complete digital transformation of their business model, significantly changing how they work with their clients on a daily basis. This change is especially prevalent in legal organizations who have adopted newer, more innovative ways to manage their contracts.
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