Contract Management with Software Support
The average company is responsible for 20,000 – 40,000 contracts per year, with over 85% of B2B deals tied to a contract between two parties.
Most companies focus on getting a contract signed: but once that happens, the contract is filed and for the most part, forgotten. However, if contracts are not managed proactively, a company risks:
- Missing a precedent or sunset clause
- Missing a deadline, milestone, or deliverable
- Automatic rollover into a new contract
- Inconsistent contract management between different departments
Any of these issues can have a direct effect on the bottom line, or damage the relationship between business partners.
To ensure that contracts are managed accurately, consistently and completely, companies may consider outsourcing contract management to a third-party specialist, or using a comprehensive software package that can:
- Keep track of important dates, such as renewals or deliverables, and generate alerts
- Ensure compliance
- Mitigate risk
- Evaluate contract spending
- Enhance user productivity
At Brown Legal Services, our contract specialists can help you with all of your B2B contract management requirements, whether you are interested in choosing the best software to meet your needs, or outsourcing contract drafting and management altogether.
Contact The Brown Law Firm today to learn more about how our team can help your company navigate contract management with software support.