5 Tips to Prepare for a Contract Audit

Contracts are the legal mechanism by which two parties agree to render services or payment to each other—which makes them an essential business instrument. But in high-stakes situations or lengthy partnerships, it’s not enough for both parties to simply trust that the other entity will faithfully meet the contract’s terms and conditions.

That’s where contract audits come in, helping protect you from legal risk during transactions such as M&A deals. By performing audits at regular intervals, including at the beginning of the relationship, both participants in an M&A deal can ensure that their business partners are complying with their contractual obligations.

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Meet Robert Pena, Sales Development Representative

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we're checking in with Robert Pena, Sales Development Representative at ContractWorks. Robert plays an important role working with potential customers to understand their unique contract management challenges and needs.

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Contract Management Services: Basics and Best Practices

Anyone involved in contract management needs to learn the basics first. At its simplest, contract management is about tracking performance and addressing any issues throughout the duration of the contract. A report from the Journal of Contract Management found that 71% of companies misplaced 10% of their contracts. The International Association for Contract and Commercial Management (IACCM) suggested that contract management services and new technology could spark a contract management revolution, but only if businesses are ready to fully embrace the new tech's potential.

In this article, we'll discuss some of the risk management and cost-saving benefits of effective contract management, and look at how contract management services can dramatically improve your ability to control your contract portfolio.

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A Guide to Contract Management Needs and Solutions

Before you start the process of comparing vendors and features, it’s important to thoroughly understand your contract management shortcomings and needs - as well as anything that’s already working well. Because there are so many solutions available, it’s critical that you start your search with a clear idea of what you need help with so you don’t waste time talking to vendors that don’t align with your objectives and project guidelines.

This article explores some of the things to consider before starting the search for a contract management solution, the various types of solutions available, and tips for success.

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Contract Management Software as a Risk Management Solution

Contract management software has the potential to transform legal department operations and improve efficiency and productivity. It enables in-house legal teams to significantly reduce the amount of time spent on tedious contract management tasks, allowing for more time and attention dedicated to higher value activity. 

But contract management software also serves another important function within an organization: risk management.

Below are some of the contract risks and concerns that can be addressed by implementing the right contract management software.

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6 Things to Look for During a Contract Review

Conducting a contract review is a key part of the contracting process, and serves as an opportunity to fully understand everything you and your business are agreeing to before putting pen to paper. A contract review helps you reduce organizational risks and increases the likelihood that an agreement will make a positive business impact for all parties involved. Without a comprehensive contract review, you run the risk of committing to obligations that you can’t fulfill, damaging your company’s brand and reputation, and wasting valuable time and financial resources resolving disputes that could have been prevented.

This article covers some of the most important things to look for during a contract review.

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5 Contract Management KPIs to Minimize Organizational Risk

How is your legal team currently managing and mitigating business risks related to your contract portfolio? 

Are there any blind spots in your contracting process leaving you vulnerable to unexpected and costly auto-renewals? Can you easily identify the roadblocks or bottlenecks in your contract signing process that are preventing your company from recognizing new revenue? Are your vendors delivering as expected according to the agreed-upon terms?

By establishing the right contract management KPIs, you can help your organization improve visibility into your contracts and processes, identify where risks are present, and determine where improvements are needed. 

Here are some of the KPIs commonly used to help legal teams evaluate contract management performance and reduce organizational risk.

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Latest Review Site Data Shows ContractWorks Leading the Way

The ContractWorks team works tirelessly to support our customers by providing solutions that simplify the contract management process and allow legal departments to make informed business decisions based on the data found within their agreements. By designing a product that is intuitive, affordable, and backed by unparalleled customer support, ContractWorks makes it easy for teams to take control of their contract portfolios from almost anywhere.

That's why we're proud to announce that ContractWorks has recently been named a top contract management solution by some of the most respected and trusted software review sites, thanks to the feedback from customers who rely on our software to efficiently and effectively manage their contracts.

Below are some of the software review sites and reports that have recently recognized ContractWorks as a leading contract management software solution.

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How to Find a Contract Management Solution to Fit Your Needs

The first step to finding the best contract management solution for your team is to evaluate your current processes and identify strengths and weaknesses. What already works well? Where are the areas your existing systems and processes are falling short and preventing operational efficiency?

Once you have a firm grasp on your specific contract management problems, you can then determine the type of software that makes the most sense for your team, and the particular vendors you’re interested in talking to. 

Below is a three-step process to help you find the best contract management solution for your unique contract management needs.

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Meet Eugene Gimelberg, Director of Software Development

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Eugene Gimelberg, Director of Software Development at ContractWorks. Eugene plays a pivotal role building and refining the software that ContractWorks customers use on a regular basis.

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