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What Does “Contract Management” Consist Of?

Having strong contracts is one of the most crucial steps to ensuring you have a successful business. Your written agreements govern not only daily operations and deadlines, but also all of the terms and conditions governing your relationship with the other party. When you have numerous contracts, keeping track of all the different duties and obligations can be difficult. As a result, many companies are implementing contract management systems.

A contract management system allows you to track deadlines, deliverables, and all of the terms and conditions to ensure customer satisfaction. It allows you to manage your customer’s expectations and relationships, as well as control risk and cost. You can implement best practices and improve all applicable policies and procedures to ensure compliance with the law.

There are numerous agreements that must be managed with each transaction, which differs depending on what industry you are in. For example, sellers, purchasers, and licensors or licenses of software technology all have different contractual needs. Below are examples of the different types of contracts that may be needed and that should be properly managed:

  • Letters of Intent
  • Master Contracts
  • Partnering Agreements
  • Employment Contracts
  • Services Contracts
  • Licensing Agreements
  • Consulting Agreements
  • Products Agreements
  • Assignments
  • Non-disclosures Agreements
  • Non-solicitation Agreements
  • Environmental Agreements
  • Outsourcing Contracts
  • Leases
  • Subcontracts
  • Work orders
  • Escrow Agreements
  • Training Agreements
  • Requests for information
  • Proposals
  • Click Wrap Agreements

As you can see from the above list, managing your contracts can be a difficult task! If you need assistance creating any of the above contracts or you have questions regarding your company’s contractual needs, contact Leslie S. Marell for help. We serve as general counsel to clients who do not require, or choose not to employ, a full-time lawyer in-house. Call today to schedule your initial consultation.

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