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

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.