This PPT by Legal Support World is showing what problems we might face while managing the contract processes and one of the best solution to solve these pitfalls. This ways will surely help you to reduce the overhead and as well as stress.

1. And How To Fix Them?
8 Common Pitfalls In The
Contract Management Process

2. What is Contract
Management?
Contract management is the
process that is associated with
the managing of contracts,
including determining the terms
of the agreement. Contracts
are made between buyers and
sellers.

3. The Importance of
Proper Contract
Management
To manage the contracts is
extremely time-consuming and
complicated task. Improper contract
management can reduce the
efficiency of your business. So it is
necessary to manage the contracts
and summarize all the obligations to
help in compliance with the rights.

4. 8 Common Contract
Management Problems

5. Level of Involvement
1
One of the biggest problems in contract management is
the level of involvement of each party. Both parties should
edit and view the document before it is signed.

6. Lack of
Clarity
2
Lack of clarity is another
pitfall in contract
management. Without
clear objectives,
contracts can accept
false legal terms and
conditions.

7. Focus On the
Risks and
Wrong Terms
Another problem that
occurs is when both the
parties focus on risks
and wrong terms in a
contract. Due to this, the
company has to pay
loss of economic
benefits.
3

8. Failure to Engage
One more source of difficulty in contract management is the
failure that involves all stakeholders in the process. This is an
issue, especially for public sector contracts, as the people
affected by the contract are countless.
4

9. Lack of
Flexibility
5
Transparency is the
most common problem
in contract
management, as it
creates conflicts
between the parties
involved.

10. 6
LimitedResources
Due to limited use of technology for contract management
there’s a loss in the work efficiency.

11. Misunderstanding
7
The most common issue is
the confusion of
components within the
contracts.

12. Not Allowing Time
for Internal
Reviews
8
This pitfall is effective as it
does not permit time for
internal review those results
in a lack of concentration
on data other than the
transfer data.

13. How to
Overcome
These Pitfalls?

14. 1. Reviewing Your Contracts
2. Use Templates
3. Automation
4.Outsourcing
SOLUTIONS

15. Outsourcing has become the most common trend among the
legal industries and businesses to managing contracts.

16. When it comes to outsourcing
Legal Support World is the
utmost solution to enhance the
productivity, reduce costs and
increase revenue
opportunities.
contract management services

17. Call us: +1 646-688-2821
Email us: info@legalsupportworld.com
Website: www.legalsupportworld.com
Address: 12648 Agave Bay St
Victorville, CA 92392