Contract management an important part of the purchasing cycle. While our hosted systems enable you to store contract documents, track expiration dates and correlate account numbers to the contract, there are other aspects of contract management that our professional services can help you to address.
Contract Management activities include:
Capturing the details needed for contract management, sometimes not found within the contract document itself.
Identifying contract referenced events for which a reminder is needed.
Associating new sub-agreements and amendments with the original contract, often called the Master Service Agreement.
Associating billing account numbers with the correct contract as new services are ordered.
Tracking related personnel changes during the term of the contract: contract manager, attorney, vendor representative.
Documenting contract issues to remember when the contract is up for renewal (what worked- what did not)
Allowing for sufficient time to plan in advance for contract renewal, renegotiation or issuing a Request for Proposal.
Contract Management is a foundation of expense management:
Ensures that all services are associated with the correct contract to receive contract rates,
Allows purchasers from the contract access to terms, conditions and rates.
Provides access to those approving invoices to validate bill accuracy.
Helps avoid costly penalties for failing to meet contract commitments.
Arms you with contract terms to minimize early termination penalties.
Avoids contract expiration that may result in higher rates.
Pre-empts auto renewal that will take away your negotiating leverage.
Gives you the upper hand in contract negotiations with an early start.
Allows sufficient time to investigate lower cost alternatives.