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- Contracts are a vital part of every business. They serve as the foundation for the exchange of goods and services and outline the terms and conditions of business relationships. Proper contract management allows organizations to ensure compliance, mitigate legal and financial risks, and maintain healthy relationships.
People also ask
What is contract management & why is it important?
Why is contract management important for small and medium-sized businesses?
Why is contract management important for SMBs?
What makes a successful contract management practice?
What is contract management?
Why should contract management be broken into different stages?
Dec 19, 2023 · By following the basics of contract management, SMBs can reduce risk, improve compliance, and build stronger relationships with vendors and customers. Explore the fundamental principles of contract management in this comprehensive guide. Learn the basics to streamline your contract processes efficiently.
- Creation
- Collaboration
- Signing
- Tracking
- Renewal
Initial requests: The contract management process begins by identifying contracts and pertinent documents to support the contract’s purpose. Authoring contracts:Writing a contract by hand is a time-consuming activity, but through the use of automated contract management systems, the process can become quite streamlined.
Negotiating the contract: After drafting the contract, employees should be able to compare versions of the contract and note any discrepancies to reduce negotiation time. [Read related article: Before You Sign: Important Loan Contract Terms to Review]
Approving the contract:Getting management approval is the step where most bottlenecks occur. Users can preemptively combat this by creating tailored approval workflows, including parallel and serial approvals, to keep decisions moving at a rapid pace. Execution of the contract: Executing the contract allows users to control and shorten the signatur...
Obligation management: This requires a great deal of project management to ensure deliverables are being met by key stakeholders and the value of the contract isn’t deteriorating throughout its early phases of growth. Revisions and amendments: Gathering all documents pertinent to the contract’s initial drafting is a difficult task. When overlooked ...
Renewing: Manual contract management methods can often result in missed renewal opportunities and lost business revenue. Automating the process allows an organization to identify renewal opportunities and create new contracts. Contract lifecycle management is critical. As different contract types go through their various stages, contract managers n...
May 29, 2024 · Contract management is defined as the overall process of effectively planning, administering and managing commercial contracts with various entities such as vendors, partners, customers, and employees at all stages of their engagement with a business.
Oct 16, 2023 · In this blog post, we'll delve into the fundamentals of contract management, its importance, the stages involved, best practices, key performance indicators (KPIs), and how to implement Conga Contract Lifecycle Management (CLM) for effective contract management.
- Elizabeth Cutright
- Planning stage. Before you can implement a process, it’s important to develop a system that will best suit your company’s needs and resources. To keep things streamlined and organized, it’s also important to develop contract management processes that can be implemented company-wide.
- Implementation stage. Once you have outlined your contract management workflow, you will need to implement your plan before you can start using it. This includes deploying contract lifecycle management software to help you to execute contract-related tasks, as well as migrating your contracts to a centralized repository.
- Pre-contract stage. Now that you have your contract management foundation set up, you can begin to implement it for new contracts. That means developing new contracts or implementing boilerplate agreements for more standard situations.
- Handover stage. It’s common – especially in larger companies – that the individuals involved in executing a contract are not the same as those who negotiated it.
Proper contract management allows organizations to ensure compliance, mitigate legal and financial risks, and maintain healthy relationships. On the flipside, poor contract management can cost businesses 9% of their bottom line.
Aug 9, 2023 · Contract management is important because it streamlines the entire contract lifecycle, ensuring obligations are met and risks are reduced. It also provides businesses with a clear overview of their contractual obligations and commitments, helping in informed decision-making and resource allocation.
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Real-Time Collaboration Across All Key Stakeholders, Providing You Transparency & Control. Get To Know the Global Leader in Digital Contract Management. Start With a Demo Today.
