11 Things You Can Control in the Contract Management Process
Current contract management processes are lacking proper rules and controls, says ContractRoom in an article posted on its website. Serious consequences typically arise from lack of oversight during the negotiation phase or mismanagement of contract commitments after execution.
The company says poor time management or a simple manual error, either pre-or post-signature, could lead a business to miss a key deliverable and even risk being sued. This in turn could lead to significant legal expenses or even the loss of future business from a counterparty.
The article lists efforts a good contract manager (whether legal counsel or a business professional) can do to add control — even with a manual contracting process.