News and Events for Attorneys and Executives

A Basic Compliance Requirement: A Contract Management System

By on October 12, 2018 in Commercial, Contracts

Michael Volkov of Volkov Law group has posted an article that says a contract management system is imperative for businesses.

The article discusses the four important purposes for such a system:

  • To maintain consistency in the formulation and enforcement of contractual relationships;
  • To mitigate business risks between the company and a party (e.g. customer, vendor, supplier);
  • To protect the company’s culture and mitigate compliance risks through imposition of certifications, representations and warranties, and specific compliance obligations;
  • To protect the accuracy of the company’s financial payment and receivables system by verifying the accuracy of payment terms and conditions in accordance with the company’s contractual agreements.

Read the article.