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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Contract Managers: A Company's Secret Weapon

Contract Managers, whose contributions can at times be overlooked, play an extremely valuable role in a company. Contract managers are responsible for the comprehension and implementation of contracts, including staying up to date on contract expirations and renewals. Needing to have a diverse background and solid understanding of law, finance, and regulations, the contract manager ensures that the business is fulfilling their obligations and is not violating any terms or conditions in their contract. 

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Collaboration and Delegation In Contract Management: Are They Mutually Exclusive?

There seems to be a dichotomy in management circles these days when it comes to allocating resources and responsibilities. On the one hand, there is increasing emphasis on the importance of communication and collaboration. But, on the other hand, there is almost equal emphasis on efficient delegation, even outsourcing in some cases for the sake of productivity. For some managers, it is difficult to reconcile these apparently opposing approaches. However, there is no reason that one approach must occur to the exclusion of the other. Here are several reasons that both collaboration and delegation are crucial components to any successful contract management process.

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