Contract Lifecycle Management: Process and Workflow, Negotiation and Approval, Ongoing Maintenance, Compliance

Recording of a 90-minute CLE video webinar with Q&A


Conducted on Tuesday, March 16, 2021

Recorded event now available

or call 1-800-926-7926
Course Materials

This CLE course will provide counsel with an overview of the process of contract lifecycle management through its various states. The panel will address the need to create a common language, core templates, unified terms, and repeatable, consistent conditions of buyers and suppliers. The program will address the advantages and concerns of contract management systems, regardless of the particular software that counsel has adopted.

Description

Contract lifecycle management--the process of establishing a legal department's contract management system, creating procedures for development and negotiation, and maintaining the requirements of an existing contract--allows counsel to reduce costs and time spent on drafting by automating portions of the contract construction.

By creating a common language, core templates, unified terms, and repeatable, consistent conditions, buyers and suppliers can reduce errors and expenses. Most contract management software is designed to provide greater transparency into corporate spending, create greater efficiencies in the contract process, and lower administrative costs.

Contract management can be a time-consuming task, but it can be one of the most lucrative areas for building a practice and generating revenue if properly managed. Counsel should be prepared to evaluate a contract management platform to determine its ability to manage and avoid risk and compliance issues through templates and approval workflows and streamline negotiations via online redlining. The best platforms allow firms and general counsel to manage documents after signing, helping organizations grab opportunities that may otherwise have been missed.

Listen as our authoritative panel provides best practices in contract lifecycle management, as well as establishes the best processes to develop contracts via contract management and later negotiate and maintain audits and renewals of existing agreements.

READ MORE

Outline

  1. Contract preparation
    1. Identify your needs, establish goals, set expectations, and define risk
  2. Draft the contract
  3. Get approval before finalizing the contract
  4. Contract negotiation
  5. Sign the contract
  6. Keep up with amendments and revisions
  7. Manage after the signature
    1. Audits, renewals, and obligations

Benefits

The panel will review these and other important topics:

  • How can a contract lifecycle management system simplify the contract process?
  • Can a contract lifecycle management system assist in managing and avoiding risk and compliance issues?
  • What are best practices to streamline contract negotiations with online redlining?
  • How does a contract lifecycle management system reduce time and costs for counsel?

Faculty

Hudson, Caroline
Caroline W. Hudson

Partner
Loeb & Loeb

Ms. Hudson focuses her practice on marketing, promotions, and privacy matters, and advises clients on the latest...  |  Read More

Jummati, Mary
Mary M. Jummati

Managing Director
Morae Global

Ms. Jummati has more than 25 years of experience in strategic planning, leadership, project and program management,...  |  Read More

Marion, Tyler
Tyler Marion

Managing Director and Head of Managed Services
Duff & Phelps

Mr. Marion brings more than 13 years of combined practice and legal operational experience. His primary areas of...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

Download