The Most Important KPI's for Contract Management

The only way to ensure that your company is operating efficiently is to establish clear goals, along with key performance indicators (KPIs) to determine whether those goals are being met. This is true regardless of which facet of the business you are seeking to manage. With respect to contract management, it may be difficult to identify which KPIs make the most sense to monitor because contracts vary so much from one situation to the next. 

 

Broadly speaking, however, the best KPIs for contract management are ones that are "SMART," meaning they are specific, measurable, achievable, results-oriented, and time-constrained. Thus, irrespective of the type of contracts your company is managing, here are some of the most important KPIs: 

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Corporate Counsel and Contracting

As many folks know, a big part of an in-house attorney’s day involves reviewing contracts, discussing contracts, drafting contracts, and reviewing contracts some more. It does not matter what size the company is, what sector it is in, or what product it is providing, contracts are unavoidable. Contracts are actually anxiety-inducing for a lot of people because of the potential impact they can have on the business, especially the company bank account. For attorneys, contracting is a pretty standard practice, but we have heard that it presents its fair share of challenges for them as well. Here is a rundown on some of the biggest issues in-house counsel encounters when it comes to company contracts:

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The Many Facets of Contracting Part 4: Contract Negotiations

This is the fourth entry in a series dedicated to the many facets of contracting, as well as how each particular facet and all its relevant components relate to contract management. You can read Part 1 here. You can read Part 2 here. You can read Part 3 here.


During contract negotiations, the parties' goal is to reach a mutually acceptable agreement. Unfortunately, during this phase of the contracting process, both parties are primarily focused on risk allocation and revenue maximization. As a result, there sometimes isn't much thought or effort put into what has to happen once the ink has dried on a finalized agreement. However, the manner and outcome of the negotiation process will have a tremendous impact on contract management. Here are some things to consider during the negotiation process:

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The Many Facets of Contracting Part 2: Contract Types

This is the second entry in a series dedicated to the many facets of contracting, as well as how each particular facet and all its relevant components relate to contract management. You can read Part 1 here. 

 

A contract isn't just a contract. Granted, contracts are agreements that are created to impose enforceable obligations, but there are actually quite a few different types of contracts. Here are a few of the more prevalent types of business contracts, along with their relationship to the contract management process:

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The Many Facets of Contracting Part 1: Contract Basics

This is the first entry in a series dedicated to the many facets of contracting, as well as how each particular facet and all its relevant components relate to contract management.

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A Defined Scope and Clear Goals Are Critical to the Contracting Process

Contracts come in all shapes and sizes. There are plenty of simple agreements and even more complicated ones. Unfortunately, contract disputes are fairly common, and they are often the result of ambiguity and misunderstanding. Fortunately, these issues are avoidable by adopting the following approach:

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How Industry Knowledge Helps Effective Contracting

Contract managers and those involved in the contracting process, by necessity, have a great deal of skills that are utilized in both the pre-award and post-award phases of the contracts. Some of these skills include risk assessment, contracting skills, financial or contract management software skills, monitoring, goal setting, and negotiation skills, just to name a few. One key skill that experienced contract managers bring to the table is industry knowledge. The requirements of contracts look different from one industry to the next, and relevant experience will help considerably in all phases of a contract's life cycle. Below are four of the key benefits relevant industry experience can bring: 

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