Contract Management Best Practices
Does your organization lack a clear contract management process? Or maybe even a contract management function?
Contracts form the basis for all business activities and is at the heart of every business deal. Who should have responsibility to assure contracts are prepared well, executed correctly and managed throughout the performance of the obligations? We can develop your contract management function, document the contracting process, streamline contract creation, develop contract “playbooks” and train your staff to assure contracts add value to your business not drain your profits.
Contract Simplification & Visualization
Do you hear contracts are too long, complex and difficult to read? Do you find contracts left in drawers rather than used as the guiding map throughout execution?
Writing and layout should be designed and drafted with the end user in mind. By examining contracts clause by clause, the “building blocks”, and understanding the intent of each element allows for standardization. Furthermore, aligning each building block with the end users guides the writing style and design of each element. Business terms could be written in standard English and inclusion of visuals could increase readability and comprehension. Legal terms might still be preferred in traditional legal writing and for some elements visualization might not be desired.
GOOD contracts are achieved by implementing contract simplification and visualization tools. Understanding your company’s contracts is HOW you develop usable contracts that bring value to the business.
Contract Lifecycle Management (CLM) Systems
The Future of Contract Management
Your Company Can Not Afford Not to Move to an Electronic Contract Management Process
An electronic Contract Lifecycle Management (“CLM”) system is an application based software program designed to manage every aspect of your contract lifecycle. CLM systems have become a necessity for every business. Not only does CLM system assure consistency, reduce risk and provide efficiencies by centrally housing all contract actions and information, but most importantly they track all your business obligations.
We have extensive knowledge of the current CLM market
- System Capabilities
- Current Vendor Solutions
- Cost to Capability Comparisons