This Is How Much Bad Contracts Cost Nonprofits Each Year

Running a nonprofit organization is not an easy task. Many nonprofits operate on rather tight budgets, and even for those that have a fair amount of funding, they are often restricted with respect to how they spend because of donor conditions. As with running any operation, many nonprofits must contract with vendors for various goods and services in order to fulfill their missions. As nonprofit leaders know all too well, there is very little room for error when it comes to these contracts in light of the budget constraints. Unfortunately, all contracts may succumb to efficiency issues or cost overruns, but the impact on nonprofits can be a bit more severe. This is how much a bad contract can cost a nonprofit:

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How to End Contracts Without Ending Business Relationships

Companies with sizable contract portfolios will regularly enter into, revise, renew, and terminate their many contractual agreements. Sometimes contract terminations occur under less than ideal circumstances, but that simply comes with the territory. However, just because a contract between two parties must come to an end, for whatever reason, this does not mean that the business relationship must completely end along with it. In fact, it is always wise to maintain cordial relationships with business partners, as situations may change such that a revival of the partnership is in order. Here is how to end a contract without ending the business relationship:

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