Contracts are one of the most important tools in your company’s possession for driving business results. Whether you’re talking about employee agreements, vendor and supplier contracts, or deals with customers, contracts provide a legally-enforceable framework. A framework for navigating your most important business relationships detailing everything from specifics about deliverables to important terms, conditions and backup clauses should anything go wrong.
But just because all parties sign on and are required to adhere to the terms of an agreement doesn’t mean that contracts magically deliver simply by virtue of their existence alone. Contracts require careful, detail-oriented handling throughout their lifecycle to ensure that all parties reap the intended benefits and minimize their risks. This practice is known as contract management and having (and sticking to) an effective contract management plan provides key benefits, from a reduced risk of compliance infractions to more favorable outcomes for future contract negotiations.Read More