When contracts sit at the center of your business dealings, how they are managed is critical to business success.

Contracts are often seen as the “low-hanging fruit” for in-house Legal Departments: the easiest starting point for streamlining processes and gathering valuable data.

Why? How can you leverage contract management to achieve quick wins and demonstrate value to your stakeholders? …

Contract approvals can get complex! The requirement to get approvals for your contracts prior to execution may vary depending on:

• Value of the contract
• Contract term
• Type of contract
• Parties involved

Every organization has its own process for contract approval. For some, it is combined with signing; for others, a contract – and specifically contracts of a certain value or type – must pass through a series of approval steps before it can be submitted for signing. In these circumstances, approvals can be manual and cumbersome,…

Agreeing commercial, legal and risk positions in a contract can be lengthy and complex. But once the contract is agreed, signed and stored safely in your contract repository, the contract work is – in many ways – just beginning.

One of the legal team’s primary responsibilities is to manage the risk of commercial dealings. The active word here is ‘manage’ not ‘avoid’. By its very nature, a business takes risks (legal, regulatory, financial, operational, reputational) in order to expose itself to potential return.  

Name
Derek Spalding