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contract-management [2019/09/16 09:04] serbizadmin [Contract Lifecycle] |
contract-management [2020/06/13 15:10] |
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- | ====== Contract Management ====== | ||
- | For small organizations, | ||
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- | ===== Why Contract Management ===== | ||
- | * effective enforcement of business rules | ||
- | * error minimization; | ||
- | * risk management: legal, financial, procurement, | ||
- | * compliance with legal requirements, | ||
- | * efficient enforcement of duties and responsibilities for contracting parties | ||
- | * accurate forecast of expected revenue | ||
- | * efficient billing and collection | ||
- | * intellectual property (IP) protection | ||
- | * improved chances of renewal | ||
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- | =====Contract Lifecycle ===== | ||
- | There are lifecycles and there are lifecycles. Each one does appear to have their unique set of " | ||
- | At [[https:// | ||
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- | - **Assemble**. Preferably using a document management system, put together all papers or documents relevant to the creation of a particular contract (business requirements from the client, previous similar contracts, etc.). Assemble the right references and expertise for the task. Point-person: | ||
- | - **Create**. A contract may be created using a company **template** resulting from the commulative experience in selling and supporting a particular company product or service. New contracts need fresh input from business and project managers, especially on resources needed for better project estimates and project execution. It's also an opportunity to take a fresh look at //pro forma// clauses, terms and conditions. Special attention should be given to delivery schedules, reports, dependencies. | ||
- | - **Analyze**. Account for information or data specifically important to the contract creation at hand, identified milestones, enforceable rights and demandable obligations, | ||
- | - **Review and Revise; Approve and Sign**. Ensure that contracts are reviewed and revised, approved and signed by the right people. A review workflow needs to be established beforehand. Reviews need people with fresh eye, yet familiar with business and competing products and services. Your legal department would insist to be looped in here. The Board usually has designated signers of contracts. | ||
- | - **Implement**. A duly signed and notarized contract document is sent to respective parties for implementation. At this stage, a document manager needs to validate the controlling copy of the contract whose project deliverables are communicated to the project managers on both the [[https:// | ||
- | - **Track**. Keep track of risks, deliverables, | ||
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- | For more info on our Contract Management System, contact [https:// | ||
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