Contracts define your business relationships regardless of your company’s size or industry, which is why following best practices for contract management is so critical. They are the backbone of your organization, which is why managing them effectively is critical to the success of your business. But many organizations encounter totally avoidable pitfalls associated with ineffective contract management, such as missed contract deadlines, failure of an audit, unintentional auto-renewals, slow approvals, and version control problems – all of which can lead to a lack of compliance and increased financial, brand, and legal risk.
You can avoid these issues by embracing modern contract management best practices including organizing contracts in one central, secure, and searchable location, setting automated alerts for specific contract milestones, tracking changes to avoid inaccurate or duplicate data, and using workflows to follow business rules.
This comprehensive white paper will show you how to digitally transform your contract lifecycle management processes across the pre-execution and post-execution phases of a contract’s lifecycle and achieve CLM excellence.
LawSites is a blog covering legal technology and innovation. It is written by Robert
Ambrogi, a lawyer and journalist who has been writing and speaking about legal technology, legal
practice and legal ethics for more than two decades.