Contracts management - overcoming the challenges - contract renewals

Do you know about review dates only when it’s too late?

With many contracts running at the same time, but all coming up for renewal separately, it’s practically impossible to ensure that each one is properly reviewed. By the time the renewal papers come in, it’s often too late to re-negotiate or look for a new supplier.
Contracts Management

Everyone has a horror story about missed renewal dates, like the company who missed a property lease renewal deadline and were tied in for another seven years, or the price review date that was missed so that rates went up automatically by 8% above RPI.

>> Contracts management systems let you set reminders to automatically remind the right people in plenty of time.

Can you easily find old quotes?
Having quick access to all documentation - including from the pre-contract stage - is also something worth considering. It’s often useful to look back at quotes and specifications that other suppliers gave, either to include them in a new round of tendering if you are not happy with the current supplier, or for compliance reasons during an audit.

>> A comprehensive contracts management system creates an indexed archive of documents that saves time later on, and that lets you respond to compliance demands.


Part 5 > Summary