Contract management is important for any business and having processes in place reduce risk for your business. These processes will be different depending on the nature of the contract and the company but generally speaking, the contract lifecycle involves:
- Contract creation
- Contract negotiation
- Contract altering
- Signing
- Tracking
- Renewing or serving notice
Tracking your contracts, aside from ensuring you understand the agreement you enter into is arguably the most important part in this process. It is important you review your contract to understand your obligations that arise from it; understand when and how parties can exercise break clauses; be aware of contract anniversaries that require renewal, and; review your contract in light of any legal changes.
