DO THIS
Be an active participant in contract management across the whole contract lifecycle.
NOT THAT
Consider the job complete once the contract has been signed and safely tucked away in your contract repository.
WHY
Craig Conte of Deloitte Legal provides the best answer in a recent post. “Studies from World Commerce and Contracting suggest that companies, on average, lose 9.2% of annual contract value through poor management across the whole contract lifecycle. Most of that is in the post-signature area.”
“Post-award support focuses on things like revenue leakage through bad invoicing or change order management which equates to paying for the same thing twice or not holding your partners accountable for what they promised to deliver.”
“This is a great place for legal to enter the fray and go from ‘trusted advisor’ to doer that helps guard and enhance the bottom-line by working with other functions to sort these problems.”
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