Contract management issues affect every legal office, regardless of size. The complexities and challenges of managing legal contracts can be time-consuming and frustrating, slowing down processes and creating headaches for teams. Let’s dive into the most frustrating aspects of contract management.
Spending hours sifting through old emails for critical contract information is a frustrating experience. It’s easy to feel lost in a sea of documents and communications.
Re-entering the same information across multiple documents is not only tedious but also prone to errors. Besides, it’s a waste of time.
Keeping track of contract expiration dates can be challenging, but it’s crucial for maintaining your company’s financial health. Missed renewals can lead to unintended contract expirations, while automatic renewals can result in unwanted obligations.
Contracts are necessary, but they shouldn’t overshadow other important legal tasks. Often, contract management challenges prevent teams from concentrating on high-value, strategic matters. Even larger organizations with dedicated contract teams can struggle with the volume of requests and approval tracking, leading to backlogs and missed deadlines.
Navigating the approval and signature process can be cumbersome. Identifying the right contacts and following up at the appropriate times often leads to delays. Automating contract approvals help fill these gaps, enhancing compliance with company standards and minimizing miscommunication. With clear visibility into where contracts stand, your team can move forward more efficiently.
Uncertainty during negotiations can lead to delays that may jeopardize deals.
Author: Kaylee Bailey
Have you ever been caught off guard by a contract renewal… that nobody remembered?
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