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Contract Management

Our Contract Management Lifecycle

Contracts affect business profitability in a very large way due to the emphasis on revenue and expenses. Managing contracts proves to be a very time-consuming element of business, hence, may distract a business from its core function.

We deliver Contract Management services through the following stages:

  • Initial Requests – We begin by identifying contracts and pertinent documents to support the contract’s purpose.
  • Authoring Contracts – We use a preset template drafted by our legal team to ensure all the information is up-to-date and all required clauses and terms are automatically included.
  • Negotiating the Contract – Upon completion of drafting the contract, we compare versions of the contract and note any discrepancies to reduce negotiation time.
  • Approving the Contract – The instance in which most bottlenecks occur is getting management approval. We 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 – We allow for use of a legally binding electronic signature to avoid delays.
  • 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 items are found, systems must be in place to amend the original contract.
  • Auditing and Reporting – Contract management does not simply entail drafting a contract and then pushing it into the filing cabinet without another thought. Contract audits are important in determining both organizations’ compliance to the terms of the agreement and any possible problems that might arise.
  • Renewal – Using manual contract management methods can often result in missed renewal opportunities and business revenue lost. Automating the process allows an organization to identify renewal opportunities and create new contracts.