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Whether you’re looking to overhaul or refine current contract processes, start at the beginning — with contract requests. Often, legal departments’ inefficiency stems from juggling and prioritizing the volume of requests, which come to them via email, phone calls, handwritten notes and comments made in passing.
In addition to bottlenecking the overall process, your legal administrators’ valuable time is spent organizing and distributing contract requests instead of working on more strategic initiatives.
To tighten up the contract process, consider:
Once a request has been received, the legal department can draft the contract. While every contract is unique and requires a different amount of time and level of attention, contract creation can definitely be slowed by the same, recurring issues.
Evaluate your current contract creation process:
The contract review process must also not be overlooked or breezed through. Here, organization is key to ensure contracts don’t get lost in the shuffle, on someone’s desk or in an email inbox.
To streamline the contract review and approval process, consider:
To increase efficiency in these three processes within the contract workflow, consider automating them with contract management software. According to a recent Forrester report, demand for contract lifecycle management software is growing, with vendors’ revenues projected to increase by 12% this year.
Unlike many other contract lifecycle management software options, which focus on what happens after signature, ConvergePoint’s Contract Management Software centers around your internal processes — from contract requests, drafting, review and approval through obligation and renewal management — with emphasis on managing your before-signature processes.
Because ConvergePoint’s Contract Management Software is built on Microsoft SharePoint, the software integrates seamlessly and uses your existing Microsoft Active Directory groups and Outlook to manage contract requests by contract dollar amount and automate workflows. Documents are kept on your existing on-premise SharePoint server for security purposes, and your existing and new contracts and supporting documents are kept in formats with which your team is already comfortable, including Microsoft Word, Excel and PowerPoint.
Next step: Contract creation is only the first steps in the process. Take a look at the article, Design a Better System for Contractual Obligations and Renewals, to ensure those processes are equally efficient.For a step-by-step breakdown of each stage in the contract workflow, read our How-to Guide.
After investing time and resources creating these policies, make sure employees read, understand and apply them to their daily job responsibilities! How? Read the Guide on How to Ensure Employee Accountability & Compliance through Effective Policy Management.
Manage employee and teacher contracts, sponsorship deals, city and state regulations, and partnerships.
Manage supplier and vendor contracts, employee and staff contracts, distribution contracts, and facility leasing and ownership contracts.
Comply with HIPAA, HITECH, ICD 9, ICD 10, and FDR CFR regulations for contract management, and handle active directory contracts for your organization.
Comply with SEC, FDIC, FINRA, OCC, CFTC, and Federal Reserve regulations on contracts, handle employee contracts, and partnership deals.
Create and manage employee contracts, improve organizational transparency, reduce risk factors, and mitigate lawsuits.
Abide by local, regional, state and federal regulations, manage contractor information, develop third-party outsourced contracts, and handle facility agreements.
Comply with FAA, DOT, FMCSA, FRA and FTA regulations for contracts, outline contracts for drivers and vendors, and reduce potential risks.