Contract Management Simplified: Are Contract Renewals Costing You More Than They Should?

…that moment when you realize you’ve missed an important contract date.

Are Contract Renewals Costing You More Than They Should?

Whenever professionals agree with signing a contract, a very important aspect of the contract is its renewal status. Every contract is slightly different, including whether or not contract renewals are automatic. This becomes problematic as organizations typically have hundreds if not thousands of agreements that are legally binding. Keeping up with all of the dates and terms can be challenging – for example, many agreements have the terms of one-year, however, if the contract is to be automatic renewal, it is likely that the agreement will renew itself if the party does not act quick enough to cancel it themselves and this is one of the downsides of automatic contract renewals. Often, when it comes to contract deadlines, many professionals rely on spreadsheets and emails for tracking their dates which can lead to significant monetary losses if left unattended.

The ConvergePoint Solution

ConvergePoint’s Contract Lifecycle Management Software Solution can help notify you of an impending or upcoming automatic renewal date, thereby keeping track of your renewal dates for you. By providing alerts and notifications, the software solves a challenge that can cause costly yet avoidable errors.

When an automatic renewal contract is established between the service provider and concerned business it can lead up to unexpected billing for the unrequited contract, as well as negotiations with the third party for additional services that may not be necessary. Assuming a company spends thousands of dollars on a contract annually, they will be in for a very shocking surprise at the end of the year if the contract renews itself automatically. Many times, even if the professional knows that they are under a service that automatically renews, they have trouble keeping track of the contract deadline with all the myriads of contracts to keep up with. Therefore, the ConvergePoint Contract Lifecycle ManagementSolution was designed for the mitigation of missing out contractual obligations or important contract dates. The Contract Management Solution monitors, tracks, and notifies multiple parties of the approaching of renewal dates or deadlines, ensuring that the organization has notification to take action as necessary prior to the end of the deadline.

Our Contract Lifecycle Management Software is very simple. The contract is requested by a person needing contract, whose request is either accepted or rejected. On the acceptance of the request, it is forwarded to a contract gatekeeper who assigns it to the correct attorney based on priority, workload, and specialty. The attorney drafts the contract, which then undergoes an approval process. This ensures that the sufficient and concerned professionals are aware of the deadline approaching contracts, so that their inadvertent renewals can be prevented efficiently.

Next step: Get a closer look at what an efficient contract management system looks like by reading our White Paper.