Whether you are a business organization hiring employees or making new deals with other business partners.
Or if you are a corporate house having multiple portfolios and you have a large number of deals happening every day.
If not, you can be a law firm dealing with contracts after contracts with clauses to the cube of your clients count.
The one thing in common is you cannot professionally be a day without a touch of contracts in your life.
Contracts are an everyday thing with you. So is there something you are doing to manage it better or you follow the ‘ make the contract-sign the contract – put away the contract’ and the contract to never to see the day light ever??
Well, I wouldn’t be surprised because this is what happens when there are too many contracts happening and it’s overwhelming to keep track of every single thing every day. You know they are put away safely, locked up. So you are being rest assured.
Nonetheless, you miss the whole point of it. Contracts are important written proofs and can understand the locking up part however it’s important and effective only when you manage it well every day reaching the respective people and department who are actually connected to the contracts. It’s them and you that can reap the actual benefit of the purpose of contract making unlike filing them away shut forever.
Five steps to effectively use your contracts
The first step makes the best of contracts so that everything is covered under it and everyone is benefited by it.
Secondly, once its active keep a good contract proofreader, who understands the important aspects of the contract and extracts the right key contract clauses to be highlighted and kept in check often.
Thirdly, find the right contract life cycle management software tool to aid in your contract discovery process.
Fourth, determine and design the right template for data that goes with your contracts extracted information. Fifth, perform the right contract data migration of the necessary information you have gathered from the contract clauses to the template. This will help you track A-Z of all your contracts.
When the above five mantras are diligently adopted there is no way you can miss out on anything with your time, cost and resources invested in contracts.
Always remember contracts are valuable and money in disguise!