Tips for Successful Contract Risk Management

Most business transactions, including the execution of a contract with another firm, subject a company to risk. With contracts in particular, there is always the risk that one side to the agreement will not perform as stipulated, causing a great deal of harm or loss to the other side. Although there is no way to completely eliminate the risk associated with contracting, there are certainly a number of steps that companies can take to mitigate the likelihood, as well as the impact, of a breach or other misfortune. Here are the top tips for successful contract risk management:

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Considering Implementing a Document Repository in 2018? 6 Tips to Get Started

Document management systems improve organization and boost productivity in offices that rely on electronic documents. A successful document management system streamlines work processes, which can lead to wide-ranging benefits throughout the company. Increased security, easier audit preparation, and more efficient daily operations are typical goals. Businesses are more likely to achieve these objectives if they set up a strong system from the start.

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5 Tips for a Well Organized Contract Repository

Organization is of the utmost importance when it comes to contract management. Contracts are often voluminous documents and frequently have various types of appended documents such as a glossary, tables, charts, amendments, and addenda, among other key data. To ensure that important deadlines are not missed and all performance occurs in a timely manner, it is imperative that the contract management team members keep a close eye on the many moving parts of the company contract portfolio. Here are five tips to help ensure your company has a well organized contract repository:

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Contract Drafting: Liquidated Damages Clauses

All contracts are susceptible to breach and could eventually result in a costly, time-consuming contract dispute. In the event of a contract breach, the parties to the contract will most likely require the services of legal counsel to hammer out an acceptable resolution. Between the attorneys’ fees, court fees, and other associated legal costs, these kinds of disputes can end up costing a fortune. For this reason, the parties to a contract often wish to employ other methods of dispute resolution, such as an obligation to submit to arbitration or the inclusion of specific damages clauses. The liquidated damages clause is one of the most commonly used contract provisions, as it eliminates the need to figure out the nature and extent of the breach and the amount owed to make the aggrieved party whole. Here is a rundown on the liquidated damages clause:

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Do You Know How Efficient Your Company's Contracts Are?

Maximizing efficiency is the cornerstone to a successful business. Unfortunately, when it comes to the company contract portfolio, businesses often overlook the importance of efficiency. There is usually so much focus on the general operations and staying within the budget, and sometimes it's hard to see how contracts that span several years really affect day to day affairs. As a result, too many companies probably don't even know how their contract portfolio is faring, which can end up causing a lot of problems if things begin to go awry. Here are some things to evaluate to know how efficient your company's contracts are:

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How Contract Management Radically Improves Employee Productivity

For startups and smaller businesses with relatively few employees, each person’s role and responsibilities within the company may be rather substantial. This has the potential to become problematic when someone has to be involved in multiple areas of the company’s operations, especially when those discrete segments of the business are highly detail-focused. A prime example of a company operation that requires a keen attention to detail is contract management. Virtually all contracts contain a slew of important dates and deadlines, and they obviously impact the company’s budget in a myriad of ways. Thus, for those folks helping to oversee the contract portfolio, whether exclusively or in conjunction with various other responsibilities, there will be a lot of important details to attend to and remember. If the team is not organized appropriately or has not instituted an effective contract management system, the consequences could be disastrous. Of course, in addition to hindering overall productivity, any wasted time and resources will inevitably hurt the bottom line. Here is how contract management radically improves employee productivity:

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How to Efficiently Manage Contracts For the Long Haul

Contracts are dynamic agreements, and managing a heavy contract portfolio requires diligence and a solid attention to detail. However, just because some contracts are limited in duration, this does not mean that the contract management process has to be so as well. In fact, for companies seeking to grow over time, it is important to have clearly defined long-term objectives and to establish a contract management process that is in accordance with them. Here is how to manage contracts for the long haul:

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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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Why Local Government Needs Better Contract Management

Local, state, and federal government offices are notorious for the inefficient and even inappropriate allocation and utilization of resources. Local government usually receives particularly harsh criticism, but one of the main reasons they struggle so much is because they have a lot of responsibilities and yet are forced to operate on pretty tight budgets. There are so many issues that local governments must oversee, so it is kind of understandable why they are plagued with difficulties. In addition to a range of business, legal, utility, and tax matters, local governments enter into a fair number of contracts, often with private companies that provide citywide or countywide services. As a result, contract management is one of many management strategies with which local governments must contend. Here is why local government simply must have a solid contract management system in place:

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How to Save 260 Hours Per Year With Automated Contracts

Managing a busy contract portfolio requires a good amount of daily oversight, especially if the contract management group has a small team or limited resources. Implementing a practical contract management system is a crucial investment for any company with an active portfolio, and contrary to popular belief, not all solutions will break the bank. In addition to concrete financial savings, there are some intangible benefits to automating the contract management process. One of the biggest advantages will be the time that it saves, allowing team members to exert their efforts on more pressing matters, which of course ends up helping the bottom line.

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