Contract drafting can be a multi-faceted and tremendously tricky process. This difficulty especially holds true for those new to corporate law and contract management. Before we can get into how to draft contracts correctly, we must know what we should avoid. As such, here are four examples of lousy contract drafting – followed by four ways to draft contracts better.
Proper contractual risk management is critical for the preservation of a healthy contracting process. Failure to adequately manage risk can be disastrous. Harmful risk oversights not only affect legal teams – but organizations as a whole.
Your organization should work to avoid a breach of compliance, violation of contract terms, lost revenue, wasted time, lawsuits, and a damaged company reputation. As such, let’s break down contract risk management and how it can be maximized with contract management software.