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   What is contract management & why is it important?

   • Contract management is an important process that includes the creation, execution, and maintenance of contracts. It is essential for ensuring that agreements between parties are carried out as intended. In this article, we define contract management and discuss its benefits and stages, plus offer strategies for successful contract management.

   the benefits of contract management (plus top strategies)

   www.indeed.com/career-advice/career-development/management-of-contract

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   Why should you use a contract management platform?

   • Contract management platforms offer several benefits: they allow authorized users to collaborate on the same contract simultaneously and automate manual processes. By managing many contracts at once, your employees spend less time on administrative tasks and more time on growing your business and increasing your bottom line.

   7 key benefits of contract management | contractbook

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   How can contract management be improved?

   • Contract management can be improved by establishing and communicating consequences for contract breaches or delays. This can help ensure that the contract is fulfilling its value to the parties involved and encourage adherence to the contract.

   the benefits of contract management (plus top strategies)

   www.indeed.com/career-advice/career-development/management-of-contract

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   How should contracts be managed?

   • Contract management is crucial for any business. To manage contracts effectively, you should streamline the process to ensure all parties involved understand the terms and conditions and adhere to deadlines, reducing errors. Managing contracts is like managing any other business process: it works best when handled correctly.

   7 key benefits of contract management | contractbook

   contractbook.com/blog/contract-management-benefits

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   What makes a successful contract management process?

   • A successful contract management process encompasses both pre-award and post-award activities. It ensures compliance at each stage of the contract and helps manage risks by making sure deadlines are met. This includes the negotiation and drafting phase as well as the execution and administration phase.

   Benefits of Contract Management | CIPS

   www.cips.org/intelligence-hub/contract-management/benefits

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   Why do you need a contract management software?

   • Using a contract management software like Contractbook offers several benefits. By keeping documents in one place and ensuring the right persons have access to them, you appear more responsive and professional. It is paramount to the smooth working of your business.

   7 key benefits of contract management | contractbook

   contractbook.com/blog/contract-management-benefits

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2. contractbook.com › blog › contract-management-benefits7 Key Benefits of Contract Management | Contractbook

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   May 30, 2022 · Advantages of successful contract management. The benefits of contract management are inexhaustible. But below are the seven notable ones for you to learn why contract management is important: 1. Collaboration. Contract management platforms allow authorized users to collaborate on the same contract simultaneously.

3. www.cips.org › contract-management › benefitsBenefits of Contract Management | CIPS

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   The larger and more complex your project is, contract management is a vital process. Here are a few benefits of contract management. Improves compliance. Monitors performance. Risk management.

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5. www.indeed.com › management-of-contractThe Benefits of Contract Management (Plus Top Strategies)

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   • Overview
   • What is contract management?
   • Who manages contracts?
   • Benefits of contract management
   • Stages for the management of a contract
   • Contract management strategies

   Contract management is an important process that includes the creation, execution and maintenance of contracts. In this article, we define contract management and discuss its benefits and stages, plus offer strategies for successful contract management.Read more: Types of Contracts in the Workplace

   See full list on indeed.com

   A contract is a legally binding document that defines the responsibilities, obligations and rights of two or more parties. Contract management is the process of handling and carrying out a contract's obligations for vendors, clients, employees or others. Some everyday examples of contracts include apartment leases, employment and terms of use for s...

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   Contract management can be a component of any industry. Below is a list of careers that commonly handle contracts:

   •Lawyer: Some lawyers can specialize in contract law, which can give them expertise in drawing contracts.

   •Finance manager: A finance manager can manage government or vendor contracts.

   •Contract manager: Many companies hire contract managers to help maintain contracts with vendors and employees.

   See full list on indeed.com

   Improves efficiency

   Contract managers can use software and other tools to automate the contract management process. Software can reduce human error in the contract creation process. This can help improve business efficiency, allowing parties to spend more time evaluating a contract's ability to meet their expectations.

   Encourages better business functioning

   Successful contract management can help a company function better. It can give companies insights into how they can negotiate contracts for better business outcomes. These insights can help companies identify ways to save money.

   Reduces risk

   Contract management can drastically reduce risk for businesses by legally outlining the expectations and responsibilities for the parties involved. This can give companies more power in legal disputes. Mitigating risks can also help companies spend their money more wisely.

   See full list on indeed.com

   1. Preparation

   The first step to creating a contract is managing the initial requests of the parties the contract will effect. Here are some of the components that you might consider in the preparation stage of contract management: •Goals: The parties that will be under a contract's obligations can express their goals for the contract, which can help you identify what to include. •Expectations: It's important to establish an understanding of each party's expectations for clear communication when preparing a contract. •Needs: Each party can describe their needs from the contract. This can help you make sure the contract will be effective. •Risks: Identifying risks can help parties ensure that the contract will mitigate risks as much as possible. For example, if an apartment leasing company wants to create an agreement with a carpet cleaning business to clean apartments before new tenants move in, the two parties can explore the risks of the contract and discuss their expectations and needs to decide whether they're interested in entering an agreement.

   2. Draft

   Once parties communicate their needs in the preparation stage, you can create an initial draft of the contract that reflects their goals and addresses risks.For example, if the apartment leasing company wants to enter a contract with the carpet cleaning vendor, a contract management expert can create an initial contract. This draft offers the two businesses an opportunity to review whether the contract covers their expectations.

   3. Negotiation

   The parties of a contract can use the initial draft as a starting point to negotiate the terms of the contract.For example, the carpet cleaning company could agree to become a vendor for the apartment leasing company if the apartment leasing company can pay a rate of $60 per routine carpet cleaning and $85 for specialty cleaning services. Then, the parties can define what a routine cleaning and specialty cleaning might entail and negotiate until they agree on the terms. In this scenario, the leasing company asks if $50 and $75 rates for the routine and specialty services would be acceptable, and the carpet cleaning company agrees.Read more: 15 Tips for Negotiating a Contract

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   Research contract parties

   Conducting research on the parties of a contract, including background checks, can help you ensure that an individual or business can legally enter a contract. You may find that the party has existing obligations which may affect any contract you enter with them.

   Establish consequences for breaches or delays

   Another strategy for better contract management involves establishing and communicating consequences for contract breaches or delays. This can help you ensure that the contract is fulfilling its value to the parties involved. It can also encourage adherence to the contract.For example, if a contract editor for a publishing company continually misses deadlines, the hiring company can include consequences for these delays into the contract, like lower pay to help recoup the costs caused by the delay.

   Identify a life cycle for contracts

   You can specify the life cycle of a contract to fit your needs. For example, if a company works on a quarterly basis, it can specify that new contracts expire quarterly. You can also identify information that you might need to automate contract renewal.

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6. www.softwaresuggest.com › blog › benefits-of10 Essential Benefits of Contract Management - SoftwareSuggest

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   Sep 10, 2024 · By understanding and leveraging the ten key benefits outlined in this article, organizations can enhance their contract management processes, leading to more efficient operations and stronger business relationships.

7. conga.com › resources › blogWhat is Contract Management and Why Is It Important?

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   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 (CLM) for effective contract management.

8. www.businessnewsdaily.com › 4813-contractThe Fundamentals of Contract Management - Business News Daily

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   Oct 17, 2023 · Contract management is the process of managing contract creation, execution and analysis to maximize operational and financial performance at an organization, all while reducing financial...

9. www.wolterskluwer.com › en-gb › expert-insightsWhat is contract management? The Ultimate Guide

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   Aug 9, 2024 · 1. Enhanced business efficiency. Efficient contract management streamlines processes, reducing administrative overhead and saving time and resources for your business. It ensures that contracts are executed on time, preventing delays, missed opportunities and potential risks.