Stages of Contract Management –
Knowing what to expect at each of the seven essential stages of the contract management process will increase your ability to meet contract requirements and deliver optimal results.
1. Planning: Figure out what you need from contracts, what problems you face, and set goals. Decide how much time and effort you can put in.
2. Implementation: Start using tools and systems to manage contracts. Train everyone involved to use them.
3. Pre-contract: Work with contract administration to understand the new agreement and prepare for managing it.
4. Handover: If different people negotiated the agreement from those who will handle it, make sure they pass on all the necessary information.
5. Contract: Do the work and meet deadlines as per the agreement. Use software to help you stay on track.
6. Pre-renewal: Decide if you want to renew, change, or end the contract before it ends. Remember there are usually specific deadlines for these decisions.
7. Post-contract: Check if all conditions are met and payments are done before filing away the contract. Then, review how things went to learn for next time.
Lastly, conducting a post-project review gives you a chance to dig into what happened with the contract and how you managed it. You’ll seewhat went smoothly and what didn’t, which gives you insights to improve for next time.
Trident’s contract management platform (PoseidonCM) is built to evolve, improve, and scale with your growing needs.
Put us to the test and provide us with a manual and error-prone step in your contract management processes and we can show you how we can help.
BOOK A FREE DEMO TODAY : https://lnkd.in/gdy9-Aaf
For more information CLICK HERE: www.poseidoncm.com
Experience a two-week trial before making your decision. Don’t miss out!
#ContractManagement #Efficiency #Workflow #Renewals #Deadlines #Performance #Improvement #Strategy #Analysis #BusinessInsights #ProcessOptimization #ProjectReview #ContractLifecycle #DigitalTransformation #Savings #TimeManagement #Streamlining #ProductivityBoost #poseidoncm #tridentcontractmanagement #openforbusiness
