In contract lifecycle management, efficient collaboration between stakeholders is a must. Contract requests, renewals, and almost everything in between can involve many moving parts – with a high potential for inefficiency if adequate measures are not introduced. In the interest of avoiding communication delays and contract lifecycle bottlenecks, organizations should leverage robust contract collaboration tools offered by leading contract management software. Here are four steps to foster healthy and productive collaboration and expedite the contract lifecycle.
Contract termination involves a contract party ending a contract before its obligations are fully performed by both parties. The cancellation of a contract should involve crucial financial analysis, contract performance data analytics, and the creation of a notice of termination. As such, organizations need a strategy to identify contracts that are not meeting contract KPIs, to write notices of contract termination, and to ensure proper contract closeout. This article will show you how to easily implement this strategy.
The chess-like, back and forth nature of contract negotiations can create confusion and contract lifecycle inefficiencies. Without a centralized and well-organized system, organizations on both ends of the contract management chessboard become trapped, halted, and unsure of where they should move their next piece. A centralized, well-organized process can get the match moving again. Discover how contract management software can streamline contract negotiations.
Within the healthcare industry, keeping documents and files up-to-date is crucial to staying compliant. Healthcare agencies, including the FDA, NHS, and Health Canada, are continually checking up on hospitals, physician’s offices, and other healthcare facilities to ensure healthcare professionals, administrators, and providers are keeping up with legal requirements.