WHY THIS, NOT THAT™ CONRACTS | Contract Summaries


Consider using contract summaries to help push out contract terms to parties within the organization who are responsible for contract compliance.


Assume after contract execution, some internal partner will extract pertinent contract terms and then forward them to responsible people who will assume responsibility for contract compliance.


In his blog post “How Proverbial Wisdom Can Help Improve Contract Risk Mitigation”, Rod Linsley, a seasoned Contracts Management and Procurement professional, makes the case for using contract summaries when the organization does not have a contract lifecycle management (CLM) system to push out contract terms to responsible parties.

Contract summaries are important “[b]ecause there’s a really good chance that at least some of the intended recipients aren’t too familiar with the legalese used in contracts, that they may not understand the nuances and intent of what they’re reading, that they may not discover everything they might have responsibility for, or that they just might not get around to it.”

Failure to ensure contract compliance can range from minor penalties to catastrophic ones.

Interested in learning more about this? Join the convo on LinkedIn!

About the Author

More Articles

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Related Articles

Most Recent

Follow Contract Nerds

© 2022 Contract Nerds United, LLC. All rights reserved.
The opinions expressed throughout this website are not intended to provide legal advice or create an attorney-client relationship.

Subscribe to our weekly newsletter!
By subscribing to our newsletter, you agree to our Terms of Use and Privacy Policy. We promise not to spam you!
Contract Nerds Logo

Download PDF

[download id='9545']