Contract Management

Contract management is no longer an administrative function. Contract management is now an integral part of risk management and compliance.

  • Contract management can seem like a foggy concept with little tangible, direct value. The reality is quite the opposite. Contract management improves the financial performance of any business that implements an effective system.

    What is Contract Management?

    Contract management is a business practice that improves the process of negotiating, drafting, executing, analyzing, and tracking legal agreements and contracts between organizations or businesses.

    Contract management is traditionally part of procurement or purchasing. Contract management is widely used in government contracts, construction, real estate, manufacturing, and distribution. Contract management is growing in many other industries with the increasing importance of risk management and compliance.

    Contract Management Trends

    Trends in contract management are constantly evolving. New international, national, and regional court cases provide new interpretations and create constant challenges for legal professionals and contract managers.

    Within government contracts, regulatory changes impose obligations and procedures above and beyond contracts themselves. It is critical that contract managers monitor federal and state laws regarding government contracts.

    Finally, contract management is quickly becoming part of compliance and risk management. As contracts become more complex and connected to regulations and industry practices, they create liabilities that exceed the scope of the original contract. It is important to measure and manage the legal risk associated with legal risk.

    How to Manage Contracts

    Contract management requires five actions:

    1. Keep all contracts in one central repository
    2. Track required data about each contract
    3. Categorize contracts consistently based on type
    4. Set automatic alerts about important dates and events
    5. Generate and distribute insightful reports about contract risk

    Effective contract managers typically use contract management software to make the job easier. It is important to know that many people see contract management as a "workflow" or administrative problem. However, contract management requires analysis and tracking, which are distinct from workflow.

    Contract Management Professionals

    Over 500,000 professionals in the United States1 alone work in fields related to contract management and procurement.

    Contract management as a profession is rapidly evolving to include lawyers, corporate paralegals, compliance officers, and finance professionals. Contract managers go by many names: contract administrator, contract agent, contracting supervisor, among others.

  • Contracts are no longer filed and forgotten.


Contract Approvals

Contract Approvals

  • Watch this brief product overview of Contract Analyst. The video illustrate one of many ways that Contract Analyst can help manage your contract approval process.

  • Media type: Video
10 Things Every Business Lawyer Should Know about Contract Management

10 Things Every Business Lawyer Should Know about Contract Management

  • As a lawyer, you invest time to understand your client’s objectives, risks, and opportunities. What happens to your carefully drafted contract?

  • Media type: Slideshow
Legal Counsel & Contract Management

Legal Counsel & Contract Management

  • This new presentation highlights the most important reasons for general counsel and outside legal counsel to use contract management as a bridge to the business. Avoid contracts being "filed and forgotten." Learn how business lawyers can add tangible value for the business client.

  • Media type: Slideshow

Return on investment

  • Unlock the value of your contract portfolio. Calculate the return on investment for contract management software. Change how you think about contract management and contract management software. This presentation puts both in fresh light. Use a new framework to unlock the value of your contract portfolio. This presentation outlines three common myths about contract management. Learn how to improve financial performance through better contract management.
  • Media type: Slideshow

After contract signing

  • What happens to carefully negotiated and drafted contract provisions after contract signing? Contracts are often filed and forgotten after signing. Learn what business clients need in order to transform contracts into useful data, processes and systems. This presentation helps lawyers (outside counsel and in house counsel), paralegals and contract managers advise clients through the entire contract lifecycle.
  • Media type: Slideshow
Contract Management: Advanced Issues

Contract Management: Advanced Issues

  • Contract management is about risk management. This presentation addresses six important topics in commercial contract management: regulatory compliance, performance obligations, representations and warranties, insurance tracking, counterparty risk, and contract portfolio.

  • Media type: Slideshow
Contracts and Compliance

Contracts and Compliance

  • This white paper examines the two primary sources of compliance obligations related to contracts: performance obligations and government regulations. For each source of compliance challenge, learn how to improve compliance and contract management with reporting and analysis.

  • Media type: Article

Paper to Electronic Files

  • Organizations large and small, private and public still retain contracts in file systems, electronic and paper. The file system is often personal and inaccessible. Even when contracts are stored on a network, ever-changing organizational systems and antiquated controls inhibit access to contracts.

Templates and Views

Templates and Views

  • This video illustrates how users can create new contracts from templates. The video also shows how each template asks for different information depending on the type of contract.

  • Media type: Video

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