Contract Insights

Key Takeaways

• Contract termination is the process of ending a contract before all obligations are met. This can happen for several reasons, including a breach of contract or by mutual agreement.

• A successful contract termination strategy involves three key steps: identifying underperforming contracts, writing a professional termination notice, and ensuring proper financial closeout.

• Using contract management software can significantly streamline this process by providing data analytics, termination templates, and financial tracking tools.

Contract managers, contract administrators, law firms, and legal teams can leverage legal analytics to gain a competitive advantage and make informed, strategic decisions. Whether you are new to contract data analytics or a well-seasoned user of advanced legal analytics tools, here are five common questions answered.

The age of digital transformation has forged a path of opportunity for analyzing vital information to improve business processes. This phenomenon strongly applies to contract data as well. Unfortunately, many businesses managing contracts fail to maximize contract data points to learn from mistakes and improve contract processes. As such, they fail to reduce risk, optimize contract terms and language, proactively recognize growth opportunities, strengthen the contract review process, and more.

Thankfully, you can avoid falling victim to contract lifecycle process failure and stagnation with contract management software.

Contract administration can be a daunting process when relying on primarily manual tools - such as spreadsheets, shared drives, and disparate emails.  Without accountability, visibility, and a clearly defined contract administration plan, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks.  Read on to learn how you can create a strong contract administration plan with the help of leading contract management software.