FAST Same day delivary * in Tbilisi only.

The Contract Management Process

The Contract Management Process

The contract management process is the set of strategies, techniques and philosophies employed by companies to streamline their contracting processes. Contract management entails a lot including ensuring that contract obligations are met and reporting on contract data.

The contract management process can be broken into the following steps:

1. Contract Drafting

Contracts are essential for the conduct of business and the establishing of boundaries in relationships. However, the contracting process can be lengthy and time-consuming creating delays and roadblocks. Fortunately, technology has made the process more efficient. Digital collaboration with automated review and tracked changes have dramatically shortened contract drafting cycles. JAGGAER contracts, a specialized contract management software, can reduce errors through auto-generation.

2. Contract Negotiation

Negotiating terms and conditions is the next step in the management of contracts. It can be a complex cross-departmental job and may contain multiple versions of contracts. The goal is to come up with a solution that is acceptable for both parties and also aligns with commercial and legal policy. Contract management software can speed up the contract negotiation and draft process by providing templates as well as clauses and other approved texts. It can also help automate and streamline the review and approval process by facilitating collaboration via digital technology and allowing teams to submit their reviews from anywhere anytime. It is also easy to incorporate eSignatures into CPQ for expediting the executing process. This has been shown to reduce contract turnaround times up to up to 80%.

www.boardroomate.net

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *