Contracts management - overcoming the challenges - maintaining contracts

Is there a system in place for checking supplier performance?

Careful negotiations are often forgotten after the ‘ink is dry’ on contracts. But when a supplier falls short of delivery standards, shouldn’t you know about it and act quickly?
Contracts Management

Having an automated system of alerts will ensure that terms and conditions are revisited and checked against actual performance at the right intervals.

>> Although supplier performance is monitored every day to some extent, without a scheduled review it’s likely that poor performance will often go unchallenged.

Are all parties informed about any changes to contract terms?

Sometimes contracts are changed or renewed without letting everyone involved know. This can create problems if users are unaware of changes to the service levels they can expect, and especially if Accounts are unaware that details such as a monthly leasing price have changed.

>> A workflow tool within a contracts management system ensures that all the right actions are flagged and recorded via the contracts management system.

Part 4 > Contract renewals