o Online creates opportunities for collaboration with other contracting parties Contract management, sometimes referred to as contract management, refers to the processes and procedures that companies can implement to manage the negotiation, execution, execution, modification and termination of contracts with various parties, including customers, suppliers, dealers, contractors and employees. While business people often dismiss contract preparation as «legal work» that has little or nothing to do with the important aspects of the employment relationship between the parties, entering into a contract is actually one of the crucial activities for the success of a commercial agreement. The business unit or legal department may sponsor contract management initiatives, but regardless of the sponsor, the legal department is a key player. In general, contract management involves a few important phases. There are the first phases or the phase before the award. This is all the work that takes place before a contract is awarded to someone, whether it`s a company or an employee. The middle level is when the process is assigned. This includes all documents to make the agreement final. Third, there is the post-award phase.
This is where much of contract management and maintenance comes into play. The workshop benefits those who engage in contract management or contracts with suppliers as part of their duties – especially people who are new to contract management or procurement or need «retraining». Alejandro is CEO and co-founder of Bigle Legal, an innovative legal technology startup from Barcelona. As an experienced lawyer, he wanted to combine his business and technology expertise to transform the legal industry. Alejandro believes that technological progress is the key to increasing productivity, increasing profitability and a better work-life balance in the legal industry. Much of contract management depends on completing these nine steps. Contract lifecycle management is essential. As different types of contracts go through different stages, contract managers need to monitor for possible changes or violations. If an employee or company is not satisfied with their contract, it may be helpful to make changes to the contract. It is important to honour contractual obligations while ensuring that both parties to the contract are met. It is strongly recommended to use contract templates to reduce administrative costs.
With Bigle Legal, for example, you can create a template once you can edit individually instead of editing dozens of individual documents. Contract management solutions offer an intuitive yet powerful way to manage all aspects of the contract in one place. Ensure that companies have a better understanding of contracts and are able to achieve efficiency in all contracting processes. It is not enough for an organization to have professionals who deal with contract management. Employees must be expanded by the presence of companion processes and software to meet increasing compliance and analytics requirements. When a contract management strategy is successfully implemented, companies can expect: This workshop explores both the principles of contract law and their application to practical situations encountered by contract managers. Contract management systems, of which there are many, continue to evolve and are expected to be the legal technology system in which legal departments will invest the most in 2019. How do you know if you`re ready to automate your contract management? Establishing a contract signing process is important to minimize disruption during a contract.
If you digitize the contract management process with electronic signatures, this is a necessity. Electronic signatures are as legally binding as written signatures, but you can often integrate them directly into your contract automation platform. Metadata. Contract information. For example, the closing date of the contract, the contracting parties, the type of contract, the contractual obligations, etc. Commitment management. Actively manage the terms of a contract during its term. Renewal. One or both parties must take a written step in accordance with the terms of the renewal of the agreement to extend the agreement for a further term. Contract managers help manage the legal and financial aspects of contracts with companies or employees.
For companies that frequently enter into contractual agreements, hiring a contract manager may be a good idea. We assume that one of your roles as in-house counsel is to assist your internal clients in preparing a contract, and it is absolutely essential that you work closely with your clients to predetermine your mutual expectations regarding the role you should play in negotiating, drafting, entering into and monitoring a particular contract.