Common Drawbacks of Contract Management and Way to Fix Them

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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.

Law

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

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.

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.

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.

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

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

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

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

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

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

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.

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

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

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

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

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Common Drawbacks of Contract Management and Way to Fix Them

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

Common Drawbacks of Contract Management and Way to Fix Them

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