As Jack’s company grew, he ran into a problem. While his revenue increased, so too did his list of customers, partners and vendors. Soon, he found himself having to manage hundreds of different entities and thousands of pieces of information, including addresses, various ID numbers, relationships to different entities, and internal notes. Organizing and maintaining this vast web of details became overwhelming. Not only that, it also resulted in contracting delays with customers and, ultimately, lost revenue.
Everything’s fine in moderation, they say. A single cookie won’t ruin your diet, but the whole box could undo countless treadmill miles. Unfortunately, not everything’s as simple as taking a single Oreo and putting the rest away. Moderation is not always an option, especially our professional lives where workloads grow to meet the demands of a global economy.
Have you ever been caught in a less than ideal situation due to lack of foresight? When it comes to business agreements, you face potential risks at every turn and many are affected by reactive error mitigation. Contracts are at the core of every business, outlining and enforcing your agreements - but if not carefully managed, can be the very cause of detriment. There are two staggering factors that contribute to contract risk: globalization and technology. Examples of these are differing laws, cultural expectations, political climate, customer expectations, and the risk of potential data breaches/loss of IP to name a few.
We are 4 months away from the UK’s withdrawal from the European Union and no closer to understanding what this will mean, either to the people of the UK or to the business community. How will borders, and, therefore trading be affected? What are the implications on our tax and legal obligations? What contracts will need to be novated to entities based in the remaining EU states? Will it even happen by March?
You made it through the negotiation process, your contract is signed and now ready to be put into action. As each party carries out their obligations, what if something changes? Life rarely goes as planned, so it is important to have a roadmap in the event that circumstances are altered.
You don’t have to work in legal to come into contact with contracts. If you are in a profession where you request a lot of contracts it is important to understand how they work. If you feel a little bit lost, don’t fret because we have you covered.
It’s been a long day. You make dinner, put in a load of laundry, lock your doors, set your alarm and finally turn your TV on to your favorite Netflix show. You are positive that you are in for a safe and stress-free night, but how can you be sure you have taken all of the right precautions? What could be worse than waking in the middle of the night to an ear-bleeding siren because you weren’t protected well enough? What is the best and most strategic way to prevent risk?
Hopefully, by now, most healthcare companies have moved away from the paper trail of contracts and are in a more digital world. This is a good first step in the right direction. But, how can you get the most out of your digital contracting process? You have all your contracts in one place, but what about the rest of your organization? Are they using the same systems? Are you falling prey to human error? Are you doing double the work without realizing it?
Your contracts can have a major effect on your companies’ daily operations. From slowing down the productivity of your teams to increasing costs due to unmitigated risks, poor contract management can prevent your organization from being the lean, well-managed, efficient enterprise that it has the potential to be.
We’ve all been told that reading the fine print in any contract is important, as it often contains terms and conditions that could prove costly down the line, but how many of us actually closely examine the fine print – even in our own contracts?