contract management procedure

The Originating Unit Representative drives the contract review and management process. Some are essential to make our site work properly; others help us improve the user experience. Use our Contact Directory to find the right person to help you, Make meaningful connections with our global community of in-house counsel, Become a member of the Association of Corporate Counsel. Once the documentation is finalized you should prepare for the closing of the transaction, including pre-closing meetings and preparation of closing checklists and memoranda. Once you have a good understanding the scope of the proposed business relationship you should identify the contracts and related documents required to document the relationship and complete any immediate transaction and then proceed with collecting and reviewing examples of the necessary contracts to expedite the drafting process and isolate specific questions that the company will need to answer in order for the contract to be complete and accurate. With that knowledge and understanding, businesspersons can be trained to always discuss business points with the caveat that a final decision will ultimately depend on review by "legal". Over many centuries, contracts have become the universal way of establishing a legally binding agreement between two parties. Contract management involves administering the relationships between the entities, such as customers, partners, suppliers, or staff. View Job Listings & Career Development Resources, The International Comparative Legal Guide to Gambling 2019, 5th Edition, Three Steps to Bolster Your Contract Management Process, US Sales and Marketing Policy Template, Health Care. In all situations where you are empowered to take some actions without managers being present, you should make sure that procedures are in place to promptly communicate any new development to the appropriate businesspersons within the company. Working with company representatives, you should establish a plan for ongoing review of the performance of each of the parties under the terms of the contract, at least in those cases where the contract is long-term and calls for continuous performance over an extended period of time. By using the site, you consent to the placement of these cookies. These resources are not intended as a definitive statement on the subject addressed. For each proposed contractual arrangement you should get in the habit of going through a checklist of the actions that you might be expect to take in order to assist the company. If warranted by the complexity of the proposed transaction, you should prepare a time and responsibility schedule for drafting, review, discussion, revision and completion of all required items and activities. Enter the password that accompanies your username. Make sure that you begin with a thorough investigation of both the business and legal background for the contract and the proposed transaction and business relationship in which the contract is to be used. Managers inside your company will typically be responsible for identifying and resolving all of the business and risk management issues associated with the contract and the underlying relationship between the parties. CONTRACT MANAGEMENT PROCEDURE Approval Procedures Contract Initiation Process Guidance Contract Preparation and Negotiation Pre-signature Review and Execution Implementation and Management Contract Review, Renewal or Variation Records Management 1. The timing of the drafting and revision process is crucial since delays can push the relationship off track and jeopardize realization of the business opportunities anticipated by both parties. It is the responsibility of the Representative to initiate discussions with the vendor. In-house counsel's role can vary from active negotiator to behind-the-scenes scrivener. It is necessary that both parties live up to the agreement in full. This site uses cookies to store information on your computer. Enter your Association of Corporate Counsel username. However, the Representative must contact/ involve legal counsel in the negotiation process to ensure that the contract … Contract management or Contract Lifecycle Management is the Management of contracts from vendors, partners, customers, or employees – and at its most basic, contract management software can be defined as an electronic version of a filling cabinet. If certificates and/or consents from outside parties are required in order for the contracts to be finalized and become effective they must be planned for well in advance and may themselves require time-consuming negotiations. In most cases, you should expect to be responsible for drafting the contract and all related documents as well as spotting and resolving specific legal issues. Risk assessment and mitigation begins internally. Taking into account discussions with company representatives regarding your role, you should participate in the negotiation of the essential terms of each contract and, if appropriate and useful, prepare a term sheet or letter of understanding to be sure that the parties are in agreement regarding the essential terms before time and effort is spent on contract preparation. Rather, they are intended to serve as a tool providing practical advice and references for the busy in-house practitioner and other readers. Also, identify individuals responsible for controlling and overseeing this process. Consulting with In-House Counsel or an attorney is wise, especially if there are …

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