The long-term trend in the economy toward service and service related businesses is not likely to change anytime soon. Service contracts obligate one party to provide future work to another party for a price. The risk on both sides of the contract is significant. Careful management of service contracts protects you from financial harm.
A recent article, “Use the Contract Hierarchy for Better Results,” in the The Berkman Letter outlined an innovative approach to contract management. The contract hierarchy can improve profitability, collaboration, and risk management. The contract hierarchy unifies the legal concept of a contract, document management, and business analysis. This article explains the hierarchy and then shows how to use Lextree for Contract Management to implement the contract hierarchy.
A new year brings a fresh opportunity to get control of your contracts, finally. Contracts are often “filed and forgotten.” Sales or revenue generating contracts expire unexpectedly, while expense contracts automatically renew without notice.
You are welcome to access our white paper that demonstrates the financial benefits of a compliance approach to contracts and contract management. Learn how to deliver a measurable improvement to your organization's financial performance.