4 Best Practices for Managing an International Contract Portfolio

Managing a contract portfolio has always required diligent oversight and a keen attention to detail. But, now that contracts are becoming longer, more complicated agreements, and there is an increase in contracting at the international level, contract management must entail a well planned, highly strategic approach. For large companies, engaging in international contracting is quite common and handling an international contract portfolio is relatively routine, as they usually have the resources and manpower needed. For smaller businesses, however, technology has enabled international contracting, but managing it can be a bit trickier. Here are some best practices for managing an international contract portfolio:

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Characteristics of a Good Contract Compliance Manager

Implementing a contract compliance program protects an organization against unintentional compliance breaches, which can carry serious penalties. Often, putting together an effective program involves hiring one or more contract compliance managers. Finding the right person to serve in this capacity is a top priority to address compliance effectively. Before determining the most important characteristics of an effective contract compliance manager, it makes sense to review the responsibilities of the role. Some aspects of the job will naturally vary from organization to organization, but compliance management typically involves the following:

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How Contract Management Can Help Reduce Contract Cycle Time

Contract management is a time-consuming albeit necessary facet of running a business. Most companies likely have dozens, if not hundreds of contracts with professional services companies, vendors, and/or clients. Trying to keep a handle on so many contracts, and especially so many different types of contracts, can be quite a headache if there is not a proper contract management system in place. Unfortunately, a lot of companies likely continue to rely on cumbersome spreadsheets to manage their contracting affairs. This may work for a small portfolio or for a brief period of time, but this can be overwhelming to handle as a company grows. And, ineffective management often leads to slower contract cycles, as time is usually wasted on trivial details instead of high level matters. Here is how the right contract management can help reduce contract cycle time:

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Compensation Vs. Supplemental Agreements in Business Contracts

Contracts come in all shapes and sizes and address a range of business issues. Broadly speaking, most contracts involve an agreement between two parties for the payment of money in exchange for the provision of goods or services. Of course, there are a lot of different types of contracts, and many are far more nuanced than that. And, many agreements may not actually be labeled as contracts but are in fact such. For example, documents known as licensing agreements, non-disclosure or confidentiality agreements, and non-competes are all types of contracts, even though the names of these agreements may not immediately suggest that. Two common agreements used alongside or in addition to a regular business contract are the compensation agreement and the supplemental agreement. Here is a quick explanation of these contracts:

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5 Best Practices for Commercial Contracts

These days, a good contract is one that is adaptable. Companies often spend an inordinate amount of time and money negotiating and drafting legally binding contracts in order to have reliable, fixed agreements with their business partners. But, this does not mean that contracts should not be flexible, as agile contracts allow for better relationships and results. Here are five best practices for handling commercial contracts given the need for adaptability:

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The Importance of a Post-Award Kick-Off Meeting in Contract Management

The ink might barely be dry on the documents, but that doesn't mean you can kick back and relax just yet. After signing a contract, it's crucial that you hold a post-award kick-off meeting as soon as possible in order to get everyone on the same page. Below, you'll find an overview of everything you need to know about how to start off your contract on the right foot.

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Improve Your Business' Procurement Procedures With These 4 Contract Management Metrics

Procurement is a much broader process than evaluating bids and awarding vendor contracts. The procurement team takes a close look at the organization’s needs at all levels, assesses the best suppliers, and continually strives for more cost-effective, value-creating supplier relationships. Contract management insights help procurement officials maximize the results of their work.

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4 Ways to Improve Productivity with Vendor Contract Management

How can excellent vendor contract management practices lead to a competitive advantage? Maximizing the productivity of a vendor relationship reduces wasted time and resources, allowing the organization to get the full value of their investment. Read on to learn how your company can boost productivity.

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5 Things That Can Go Wrong With Contract Lifecycle Management Software (And How You Can Avoid Them)

While most companies recognize the importance of contract management software, ineffective implementation can leave execs feeling disappointed. Failing to achieve contract management improvements is especially frustrating for the employees who made the case for purchasing the software in the first place. You identified that the old system wasn’t working, and the contract lifecycle management software the company bought said it would save money and lower risk. What’s gone wrong?

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6 Key Clauses Found in Commercial Contracts

Contracts are used in virtually every industry, and many of the contract clauses that are used are applicable across sectors. In fact, there are certain contract clauses that are likely to make an appearance in just about any contract that is drafted. Commercial contracts, in particular, tend to contain a standard set of terms and conditions. Here are six key clauses found in commercial contracts:

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