7 stages of contract management that you need to know

7 stages of contract management that you need to know

7 stages of contract management that you need to know

Nowadays, companies aim to be more cost-effective, productive, and maximize efficiency. You can do this using Koho like software, having a better understanding of the asset lifecycle, and learning how the stages of contract management serve in automation goals.

What are the stages of contract management?

To register and deal with assets’ complexities, you have to master the 7 stages of contract management:

Preparation

A well thought out contract must secure relationships with clients, mitigate risk, establish pricing, and other potential outcomes. Hence, you need to determine the needs, motivations, and main goals to ease the decision-making process during the agreement. Ultimately, this document should have all possible contingencies and benefit both parties.

Authoring

During the drafting process, your legal experts and assistants are in charge of giving you insights and taking care of any doubts. With their aid and the use of automation templates, you can guarantee the inclusion of proper terms, clauses, and updated information. In this way, wording, state laws, and policy standards are clear all the way.

Negotiation

Despite preparation, research, and drafting, you’ll have to negotiate based on anticipation of your counterpart’s needs. As to establish trust, transparency, and a solid relationship, both parties require a CLM platform that delivers real-time collaboration. Accordingly, you avoid costly mistakes of manual procedures and speed up the due process.

Approval

If you see eye-to-eye after negotiations have concluded, it is time to take care of approval details. When dealing with audits, procurement policies, and other requirements, it’s best to use Koho software. By setting up approval workflows, partners can edit, revise, comment in real-time upon alerts.

Signing

Among the stages of contract management, this should be the easiest part. If wording, terms, clauses, and provisions are met, both parties are good to go. Since the signing shouldn’t be halted by deadlines, time zones, nor any other situations, e-signature capability is a must.

Revision

Due to contract flexibility issues, there’s always space for amendments, revisions, and other meaningful changes. A contract lifecycle management platform can help you keep up with any additions, edits, and registry. Consequently, the parts involved are always aware of the modifications.

Aftermath

Provided that deals need constant supervision, you have to be vigilant of deadlines, renewals, or regular audits. Moreover, you should rely on CLM software, which helps you build reliability, trust, and avoids missed opportunities or lost revenue.

 

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