Contract management is an important but often-neglected part of doing business. It creates a foundation for a business relationship and provides recourse if one party fails to fulfill their responsibilities. However, contract management is more complex than many people assume, and involves more than simply writing and upholding a contract.
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SpendEdge announces their list of best contract management strategies. (Graphic: Business Wire)
SpendEdge, a procurement market intelligence firm, acts as a strategic partner for leading companies across all industries to help them tackle challenges such as contract management. Below are some ways to improve your contract management and supplier relationships.
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Contract Management Tips from SpendEdge
Word things carefully: Unclear or improper wording can cause problems, even when both sides mean well. It creates opportunities for misinterpretations, whether they are intentional ones or not. It will also make conflicts harder to resolve.
Maintain a good relationship: It is worthwhile to be on good terms with your suppliers. It becomes easier to work together this way, and suppliers will be more willing to accommodate changes or problems.
Build flexibility into the contract: Everything in a contract should be well defined, but there is still room for flexibility. Circumstances will change, and making provisions for this in the contract will make it easier and less costly to adapt to those changes.
Plan for problems: Even the best relationships can sour, and sometimes the ones we have aren't actually as solid to begin with as we thought they were. It is therefore important to include measures for when issues occur, whether they are mistakes, neglect, or simply bad luck.
Find a good software solution: Contract management involves numerous documents and details that need to be tracked, and can be incredibly time-consuming. A good software solution will streamline the process, as well as reduce errors.
View the entire top 10 list of tips for better contract management from SpendEdge.
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