Contract Insights

Contract obligations are – to put it simply – the contractual commitments that parties involved in a contract have agreed to entirely satisfy.  Successful contract obligation management requires organizations to ensure that they have met the obligations agreed upon in a contract in a timely manner.  Unfortunately, manual contract management methods can make the contract lifecycle – which includes contract obligations – confusing, disorganized, decentralized, and almost impossible to handle properly.  As such, key dates, milestones, payments, deliverables, and more can be missed.  Thus, organizations should avoid the pitfalls of contract management by ditching manual and outdated contract administration processes in favor of robust, user-friendly contract management software.

In order to get started with improving contract lifecycle management, there first needs to be an understanding of what exactly the contract lifecycle is - as well as how it progresses.  To that end, we have provided an illustration that shows the stages in the life of a contract - as well as descriptions that give more insight into how each stage involves and can be managed with contract management software!

In-house counsel, paralegals, and other legal professionals are eager to streamline legal operations with lower cost and increased ROI.  As such, they should be happy to know that there is a way to optimize and centralize spend management, efficiency and productivity, communication, contract lifecycle management processes, contract data analytics, and more.  Here is how to improve legal ops with leading legal contract management software.

Companies of all sizes within both the public and private sectors often find themselves maneuvering multiple contracts at once - with said contracts progressing at various stages of the contract lifecycle.  As such, they must build an efficient, organized, and cost-effective contract lifecycle management process that helps with all stages of the contract lifecycle.  Read on to learn how to get started building a strong and centralized contract lifecycle process - as well as how this undertaking can be significantly simplified and improved with the right strategy, rather than the cheapest and most manual.