How to manage contracts
Contract management seems like a daunting undertaking when faced with scattered files and missing spreadsheets. The financial benefits of contract management are worth the effort. This article provides a roadmap to get your organization from messy to managed. To manage contracts effectively, it is important to embrace three basic principles. These principles ease the transition to contract management and help deliver more value from the contract portfolio. Principle 1: A Contract is Not a Document Principle 2: The Contract Portfolio is more than a List of Contracts Principle 3: Contract Risk is Measurable and Manageable With those principles in mind, it’s time to start managing contracts. Let’s break the challenge down into three phases: 1. Get organized, 2. Capture important details, and 3. Analyze and control.
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How to manage contracts
- 1. Copyright 2017 Berkman LLCBerkman Solutions How to Manage ContractsGo from messy to managed contracts info@berkmansolutions.com 1.855.517.2193 (North America) +1.503.517.4293 (Global) berkmansolutions.com
- 2. Copyright 2017 Berkman LLCBerkman Solutions Principles 3 keys to successful contract management initiatives… Berkman Solutions
- 3. Copyright 2017 Berkman LLCBerkman Solutions Principle 1 A Contract is Not a Document
- 4. Copyright 2017 Berkman LLCBerkman Solutions Principle 2 Contract Portfolio List of Contracts
- 5. Copyright 2017 Berkman LLCBerkman Solutions Principle 3 Contract Risk is Measurable and Manageable Learn about legal risk management
- 6. Copyright 2017 Berkman LLCBerkman Solutions Process How to go from messy to managed contracts
- 7. Copyright 2017 Berkman LLCBerkman Solutions Phases Starting from scratch Phase 1 Get Organized Phase 2 Capture Key Details Phase 3 Control and Analyze
- 8. Copyright 2017 Berkman LLCBerkman Solutions Phase 1 Get Organized Assess the current situation Create classification systems
- 9. Copyright 2017 Berkman LLCBerkman Solutions Phase 1 Get organized Assess the current situation Spreadsheets? Centralized or dispersed? Documents stored electronically or in paper? Electronic storage location(s)? Scope of effort?
- 10. Copyright 2017 Berkman LLCBerkman Solutions Phase 1 Get organized Create classification: contracts Confidentiality Business Development Employment Equipment and Supplies Financing Information Technology Real Estate Sales Service
- 11. Copyright 2017 Berkman LLCBerkman Solutions Phase 1 Get organized Create classification: documents Agreement Amendment Correspondence Insurance Certificate Invoice Letter of Intent Memorandum of Understanding Other Permit / License Purchase Order Schedule Statement of Work
- 12. Copyright 2017 Berkman LLCBerkman Solutions Phase 2 Capture Key Details Parties Type Short description Internal structure Tags Notes Dates Amounts
- 13. Copyright 2017 Berkman LLCBerkman Solutions Phase 3 Control and Analyze What contracts expire in the next three months? How many contracts are in each contract type? How many contracts do we have with each party? Which documents (not contracts) have indemnification clauses?
- 14. Copyright 2017 Berkman LLCBerkman Solutions Principles 3 keys to successful contract management initiatives… Berkman Solutions
- 15. Copyright 2017 Berkman LLCBerkman Solutions Phases Starting from scratch Phase 1 Get Organized Phase 2 Capture Key Details Phase 3 Control and Analyze
- 16. Copyright 2017 Berkman LLCBerkman Solutions How to Manage ContractsGo from messy to managed contracts info@berkmansolutions.com 1.855.517.2193 (North America) +1.503.517.4293 (Global) berkmansolutions.com