Connect with us

Tech

Five Critical Errors In Contract Management

Contract management is a challenging field that requires attention to detail and strong analytical skills in order to identify issues with proposed and existing contractual arrangements.
Errors In Contract Management
Even the most experienced and knowledgeable contract management professionals can sometimes make mistakes and allow unfavorable agreement terms or outright errors to slip through the evaluation and review process.
Here are five of the most common mistakes made in the field of contract management.
1. Failing to Manage Risk Properly
Especially with long-established business relationships, it may be tempting to overlook the possibility of default on contractual terms and the damages that could result from that default.
Ensuring that proper compensation for default is included in the terms can serve as an incentive for business partners to live up to their end of the bargain throughout the business deal.
2. Making Assumptions
Personnel should perform all due diligence work to ascertain that invoices are accurate and that the terms are being honored by partners, vendors and other parties.
By taking the steps necessary to verify this information, managers can ensure that any discrepancies are addressed quickly to comply with the terms.
3. Losing Touch
Even when contractual relationships appear to be going smoothly, it is critical to maintain contact with vendors, suppliers and other partners.
This can help to smooth out any ongoing problems and can ensure open lines of communication in the event that a problem should arise.
4. Waiting Until It’s Too Late
Performing an audit after the contract period is over doesn’t seem to make much sense; however, that’s exactly what some companies do to determine the success of their management projects.
If discrepancies or problems are found at this stage, any available recourse is likely to require litigation.
A savvy contract manager, by contrast, will perform spot checks and audits at every stage of the process to prevent default and address problems as they arise.
This can provide a much more proactive approach for management concerns and a solid paper trail in the event that an irreparable default does occur.
5. Resistance to Modern Tools
Even in today’s world of computerized solutions, some managers still depend on paper files and manual ticklers on calendar pages to track the progress of files and maintain compliance.
This can prove disastrous in the modern marketplace, especially for companies that maintain multiple business deals simultaneously and must manage the requirements of each in a timely fashion.
Software programs, like those available from Contract Logix, can provide valuable organization and scheduling tools that can streamline the process considerably.
Incorporating these advanced technological systems into everyday tasks can help employees complete necessary tasks more quickly and effectively.
By watching out for these five critical mistakes, compliance can be improved with contractual obligations in order to spend their time more wisely and tasks more effectively.
Michael highly enjoys writing about technology and the contract management industry.
He has worked as a contract manager for awhile now and received most of his hands on training at contractlogix.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Recent Posts

Business3 days ago

Why Is Quantity Surveying Essential in Construction Industry

Quantity surveying is an essential part of the Australian construction industry. It is the process of calculating and estimating the...

Home Improvement5 days ago

How to Maintain Upholstered Furniture

No matter if you have pets or kids, maintaining your upholstered furniture is quite a challenge. Even though vacuuming it...

Business1 week ago

How Do I Find a Good Bubble.io Developer?

Finding a good bubble developer to help build your app or digital product can seem challenging. How can you choose...

Home Improvement2 weeks ago

When is a right time for home repairs?

Summer is a popular time for a renovation around the globe. While it is true that bright days and warm...

Top Alteryx Competitors Top Alteryx Competitors
Tech4 weeks ago

Top 15 Alteryx Competitors

The world has seen a tremendous rise in startups and new incorporations in the business world. Companies have great potential...

Lifestyle1 month ago

Latest Wedding Trends for 2023

If you’re planning on getting married this year, chances are you’re probably overwhelmed and confused when it comes to wedding...

Lifestyle1 month ago

Tips To Make The Most Of Your City Break In London!

London is one of the best cities in the world, known for its quintessentially British culture, great nightlife, fantastic museums...

General1 month ago

The Ultimate Guide To Packing For A Trip To London

London is one of the best cities in the world, known for it’s rich history, quintessentially British culture, the best...

Tech2 months ago

Top 15 Web Development IDEs

The web development field has seen sustainable growth throughout the years. As technology is advancing, so is the web development...

devops devops
Tech2 months ago

12 Key DevOps Programming Languages to Still Popular in 2022

“DevOps is not a goal, but a never-ending process of continual improvement.” – Jez Humble Delivering the finest of services...

Entertainment2 months ago

Festival Fashion Style Tips For 2022

Summer is well and truly here and with that comes the festival season! From the biggest stars performing on stage...

Green & Energy2 months ago

4 Tips For Making Your Wardrobe More Sustainable

Everyone is trying to make more of an effort to make their wardrobe more sustainable, but often are unsure where...

General3 months ago

7 tips on how to organize a budget-friendly move

If you are planning a move any time soon, you might be worried about all the expenses that wait for...

Metal Roof Colors Metal Roof Colors
Home Improvement3 months ago

Metal Roof Colors: How to Select the Best Color for a New Roof

Choosing the right type of material for your roof is enough of a hassle already that the question of choosing...

Health3 months ago

Simple Ways To Feel More Confident At The Gym

If you are new to the gym, or you haven’t been in a while, sometimes you might not feel completely...

Categories

Archives

Trending