There are many advantages to a contract management system and carefully planned processes can reduce the time and effort involved.
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Throughout all three phases of contract management, the contracting, procurement and legal teams need quick and easy access to documentation.
Every organization has the legal responsibility to manage a vendor’s compliance with the contract once the contract has been entered. There are three levels to this reporting, monitoring and evaluating.
Contracts establish trust between individuals and institutions, creating an equal playing field. Contract compliance processes exist to make sure both parties get what they expect out of a deal. As an organization grows, it is inevitable that it will enter into more and more binding and actionable contracts.