Managing Contract Risk - Importance of A Contract Management Process

Contracts are at the heart of virtually all business transactions. However, because contractual relationships vary drastically within and between companies and sectors, not all contracts can be treated in the same manner. Managing contract risk is an important part of the contract management process. Doing so can ultimately help a company’s bottom line. And failing to do so can result in dire consequences, both financial and otherwise.

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How To Monitor The Performance Of Executed Contracts

Companies often consider the negotiation and approval of contracts as the complicated and time-consuming aspect of contract management. However, a lot of the real work starts once the deal has closed and all relevant documentation has been executed. Just because everyone has come to an agreement and has formalized the terms in writing, the parties involved cannot simply toss those written documents aside and forget about them.

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4 Goals of a Contract Management Process and Signs of Success

Contract management, while initially difficult to implement, is something that saves companies a great deal of time and money in the long run. Most companies begin to implement a contract management process relatively early on, be it a filing cabinet, spreadsheet, or some other system.

As a company grows, it might consider a purpose-built contract management solution, bringing with it an additional set of benefits. Regardless, business leaders in charge of a company’s contract management process must ensure that the system they employ will help the company to achieve the following goals:

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Reasons to Reconsider Relying on Spreadsheets for Contract Management

For businesses juggling a lot of relationships, whether client or vendor, relying on spreadsheets may be necessary to keep track of all the moving pieces. Spreadsheets can be used to capture and condense bits of information, such as important dates and contact details. However, when it comes to managing critical company matters, such as those that affect expense budgets, supply lists, key milestones, and so forth, utilizing spreadsheets to monitor this information may not be wise for a number of reasons. In particular, companies that rely on spreadsheets for contract management may want to reconsider this approach for the following reasons.

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