To assess and minimize risks related to the external spend, an organization must look holistically at the contract management life cycle – from negotiation & sign-off to contract execution and exit.
Two common pitfalls that we often witness across organizations –
Not enough thought or due diligence goes into assessing the business risks and suitably mitigating those through the contract language. In vast majority of organizations, a contract goes through only a legal review and while legal risks are certainly covered, business risks are often overlooked.
Minimal or zero periodic review of the contract, typically leaving contracts untouched for too long. A missed deadline or unnoticed issue can quickly rack up costs for the company.
Avoiding such unwanted surprises requires careful research and clarity of purpose in the actual contract.
We partner with you to precisely address above mentioned issues. We offer support at all stages of the contract lifecycle to make sure your contracts are robust, and risks are minimized. Our key workstreams include –
Effective contract management practices are key to maximize operational & financial performance and minimize risks