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Support growth and stability
- Strategically, companies must weigh the long-term implications of executory contracts. Properly managed, these contracts can support growth and stability. For instance, negotiating terms in a down economy can help a company maintain flexibility while preserving key partnerships.
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Effective management of executory contracts requires meticulous record-keeping, regular risk assessments, strategic planning for renewals and terminations, and leveraging legal technology, such as Contract Lifecycle Management systems, for more effective oversight and compliance.
Executory contracts can have financial, operational, and legal implications for a company. That is why departments across the organization must have access to these documents and their outcomes. Effectively managing contractual relationships also requires staying in touch with counterparties, such as vendors, customers, or partners.
Firms must effectively manage executory contracts through contract management systems, which help in tracking deadlines, obligations, and renewal periods. Automated systems, like Pocketlaw contract management software, streamline these processes, reducing the likelihood of human error.
Management of executory contracts ensure obligations are met, risks are minimized, and legal rights are protected. Learn more, get examples.
Jun 16, 2023 · This article will explain the differences between two key contract types: executory and executed contracts. Both set out legally binding obligations between two or more parties and, as such, are legally enforceable.
Executed Contract: Discover the post-execution value, leverage contract data extraction for better management. Ensure compliance, maximize business agreements.
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Effective contract management is crucial to ensure compliance with the agreed-upon terms and to track obligations and deadlines. This may involve implementing processes and systems to monitor performance, payments, and deliverables.
