Contract Management Services are pre-requisites for every organization big or small. Contract Management gives a solid grasp over the everyday activities within the organization as well as their relationship with their clients or competitors.
Contracts help in tracking the time period, services one is bound to give or take and the people who are responsible till a contract lives to its term or gets terminated. So in essence, getting a contract done specifying for every detail is a good business and legal practice.
WHAT COMPRISES A PRE-EXECUTION CONTRACT MANAGEMENT SERVICES?
A contract as easy and simple it may sound actually takes a lot of elaborate plans and knowledgeable efforts in getting it done. A contract when made should appease and aim for a win-win situation to both the parties involved in the final signing of the contract.
To carry out pre-execution legal contract management services, it begins from contract planning until it is officially executed
CONTRACT REQUEST: REQUEST FOR PROPOSAL
A contract always begins when a party deems it necessary to draft a contract specifying all the terms and conditions with another party. A request for a contract proposal is made. Once initiated a contract is planned by identifying the purpose, making provisions for a clear decisional feature for the contract and defining the overall outcome to be expected and setting realistic risk factors and working towards it to make a good contract.
CONTRACT DRAFTING:
AUTHORING OF THE CONTRACT
Once the ideas are clear and goals established, now the drafting of the contract begins. Drafting is a contract is exhaustive with making certain that every clause regarding the terms and conditions is mentioned very clearly. Taking the help of an experienced attorney with knowledge of the domain of the contract is an additional plus. An expert contract drafting attorney has the knack for identifying the exact requirements needed for the contract, eliminating any instances of ambitiousness and risks and making it right even to the last minute detail. A strong legally bound contract mitigates loopholes and enhances secure and legally safe measures in case things go south.
Every country, state rules, and regulations are taken into account especially for organizations validating contracts across geographically.
Tried and tested boilerplate language templates are included with the additional special clauses from the clause library is picked and customized to the purpose of the contract if any. This reduces the risk of drafting a contract from scratch and missing out on any crucial clauses.
CONTRACT NEGOTIATION
When the initial contract is drafted, next comes the man of the hour or in this scenario, service of the hour — Contract Negotiation. Without a successful contract negotiation, nothing can move forward. This is one aspect where both the parties involved in the contract, sit down and go through every line of the contract thoroughly to make sure its what it is they agreed to, with nothing more or less.
In case of any complaint issues, the parties will red line and add the modified or the additional aspect to the contract. This is revised again and checked until both the parties agree to every terms and condition and move forward with it.
CONTRACT APPROVAL
Before the final signing on the dot for the contract by both the parties is carried out, the contract is shared with the appropriate managerial levels for approval. This makes sure that the contract covers every aspect of the particular managerial level services and is correctly audited as per the requirements that needed to be carried out under the contract.
CONTRACT EXECUTION
Contract execution is the final step in the pre-execution contract management services. The contract is now signed by both parties thus making them officially legally bound till the period of the contract dissolution or by any other terms and conditions as is mentioned by the contract.
Every aspect of pre-execution contract management services happens in the cloud with the status of contracts managed in real-time. This makes the whole contract management process smoother and readily available for the secured parties to be updated
