When Do You Need to Update A Corporate Contract

Contracting is a standard practice among most businesses, and attorneys for the parties to the agreement often handle all or at least some aspects of the contracting process. As a result, busy company leaders may not take the time to read the contracts and their accompanying documents very carefully. Ideally, there will be a contract management team in place to oversee the portfolio. Regardless of whether there is a formal team or not, someone will have to take the lead on keeping track of contractual matters. This can be a daunting task, although there are plenty of useful and affordable software solutions available that can make the process much simpler. One of many things to consider is how often certain contracts should be reviewed and/or updated. This will obviously vary depending on the nature and scope of each agreement. However, the following is a general guideline as to when to update certain types of contract:

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Our Free, Compact Checklist for Contract Reviews and Audits

Companies engaged in high volume contracting will likely encounter a contract portfolio review and/or audit at some point. This may be an internal process conducted to analyze the contract management system in place, or an external party may conduct the review to verify compliance. In many cases, both internal and external reviews may have to occur, perhaps on an annual basis or only one time every few years. Regardless of the type and scope of review that must take place, there are certain steps the contract management team can take to ensure that they are prepared for any such process. Here is a general checklist that may come in handy:

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Use This Simple Process to Review Your Contract Portfolio

Reviewing an entire contract portfolio may seem daunting, but engaging in an ongoing yet simple review process will prevent it from ever becoming too overwhelming. One of the best ways to facilitate periodic review is to ensure that the portfolio is organized well. This can be accomplished by investing in a dynamic contract management solution and establishing an online contract repository. Once the online database has been set up, the following steps will enable the contract management team to engage in regular albeit abbreviated reviews of the contract portfolio:

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How To Simplify Contracts

Contracts may formalize important agreements and impose significant responsibilities, but that does not mean that they have to be lengthy documents written in a complicated language. In fact, contract drafting should take the opposite approach and focus on keeping things as simple as possible. Contract-related disputes that often arise end up in court because of differing interpretations and understandings. Although language, in general, s subject to interpretation (including contract terms), there are ways to avoid unnecessary ambiguities. Here are a few ways to keep contracts simple:

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Contract Management Tip #4: Institute a Contract Portfolio Review

This is the fourth installment in a blog series highlighting contract management best practices. To read previous posts, please click for part one, part two, or part three.

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