Leverage Contract Management Best Practices to Reduce Risk

Effective contract management processes are an important way to ensure that your relationships with vendors and suppliers and other parties function and provide value as intended. But contract management best practices play another important role – they can help to reduce your company’s exposure to a variety of potentially costly risks.

Follow these best practices to reduce your chance of experiencing problems throughout the contract management lifecycle.

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4 Critical Ways to Approach Contract Management Services

Encompassing all of your agreements with employees, vendors, suppliers and customers, contracts are arguably one of the most important tools in business today. As legally binding and mutually-agreed-upon roadmaps for guiding all of your business relationships, it’s worth taking a look at your contract management services to ensure that your approach is efficient, helps you to maximize the value you derive from your contracted agreements, and will minimize your risks to the greatest possible degree. There are countless approaches to contract management services: outsourcing, dedicated internal departments, manual processes, dedicated software, and so on. And though these approaches to contract management services can vary tremendously, there are some common ways to improve success. Here are four critical ways to successfully approach contract management services in your organization.

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Why Contract Risk Matters

The average Fortune 2000 company may be a party to as many as 40,000 active contracts, each one with its own set of authorities, enforcement, and risks. Allowing an ad hoc system of organization and management to develop - instead of a well-planned and methodically initiated strategy - creates unnecessary risk and adversely affect long-term growth.

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Contract Risk Assessment: How Do I Start?

While contracts are relatively straightforward in their construction - offer, acceptance, and consideration - beneath the surface lie a multitude of opportunity and obligation. Adding another layer of complexity, many contracts can be subject to competing authorities depending on the location of the parties, the ever-evolving regulatory landscape, and internal policies or responsibilities.

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Introduction to Contract Risk

As General Counsel, you must organize and track all contractual agreements in order to protect your organization from a whole host of liabilities, including fines, penalties, and litigation. Unfortunately, as your business grows, so do the number of contracts that must be created, negotiated and managed.

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