Contract Insights

Because a contract comes with both opportunity and risk, contract management must include both data analysis and risk prevention. 

Contractual agreements contain critical information that can have positive and negative effects on an organization.  Without procedures in place to identify and monitor contract risk, organizations can be at a disadvantage, possibly leading to higher costs, compliance violations, and, in many cases, unfavorable lawsuits.  Learn to prevent these situations by utilizing a strategy to help assess the risk associated with your contracts.  Early identification and prevention will allow for you and your team to address concerns early on rather than waiting for negative consequences to transpire.  

This post was originally shared in the Paralegals Connect January 2019 Newsletter

Contract review is a daunting task for paralegals.  In most cases, having an extra set of eyes to review contract terms is critical to ensure no "bad" clauses slip through the cracks.  The duty of reviewing agreement terms and clauses is a time-staking task, making the effort and focus it takes to review contracts priceless to an organization.  Moreover, paralegals bear a great amount of work to complete the contract negotiation and signing process quickly — all while preventing unwanted or risk associated clauses from being overlooked in the contract’s final review.  Having a smart assistant handle contract data extraction, data entry, and contract tracking can be a lifesaver to the busy paralegal and, in many cases, can provide assurance that your organization’s contracts will be mistake proof. 

Did you miss any of our blog posts from January?  Don’t worry, we’ve outlined each of them for you.  Stay up-to-date with industry topics, real-world case studies, and best practices by reading CobbleStone’s latest content. 

Now, more than ever, organizations expect their employees to do more with less.  That’s why contract managers and procurement professionals are choosing to invest in contract management software to keep up with industry standards and capabilities.  Surveys report that companies using contract management software can reduce annual contract management expenses by 20% to 50%.  In addition to reduced costs, the benefits of contract management software can provide business professionals with better (and faster) results, meaning fewer mistakes, improved accuracy, smoother processes, and better monitoring.