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Could You Find a Key Contract in Less than 15 Minutes?
Author: Dan Brecher
Date: July 11, 2014
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If you could not quickly locate an important business agreement, you are not alone. But you could be hurting your company’s bottom line.
A recent survey highlights that many corporate legal departments are struggling to keep up with contract management. Of the 100 legal technology professionals surveyed by Huron Consulting Group, 57 percent expressed concern about their company’s existing contract management procedures.
In many cases, the policies and procedures have failed to keep pace with the number of agreements under management. The survey revealed that 65 percent of the respondents had more than 1,000 active contracts. Yet they are rarely stored in one place.
Below are a few significant findings:
- 75 percent of respondents stated that their contracts were not stored electronically in a single repository.
- 24 percent of those surveyed reported that their agreements were stored electronically in several different places.
- 36 percent stated that their contracts were located in a combination of hard copy and electronic storage.
- 14 percent of respondents admitted that they did not know where their business contracts were stored.
The failure to properly monitor and manage key business contracts can have significant consequences on your bottom line. Examples include failing to exercise a lease renewal or other option provision in time, inadvertently violating the terms of a non-disclosure agreement, or neglecting to enforce a late payment penalty.
The same can be said for failing to regularly review your contract templates and form agreements. Huron Consulting Group found that 40 percent of those surveyed do not conduct an annual contract review.
For specific contract management tips, check out our prior post, “Do Your Business Contracts Need a Spring Cleaning?”
If you have any questions about this post or would like to discuss your company’s contract management and enforcement strategies, please contact me, Dan Brecher, or the Scarinci Hollenbeck attorney with whom you work.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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Could You Find a Key Contract in Less than 15 Minutes?
Author: Dan Brecher
If you could not quickly locate an important business agreement, you are not alone. But you could be hurting your company’s bottom line.
A recent survey highlights that many corporate legal departments are struggling to keep up with contract management. Of the 100 legal technology professionals surveyed by Huron Consulting Group, 57 percent expressed concern about their company’s existing contract management procedures.
In many cases, the policies and procedures have failed to keep pace with the number of agreements under management. The survey revealed that 65 percent of the respondents had more than 1,000 active contracts. Yet they are rarely stored in one place.
Below are a few significant findings:
- 75 percent of respondents stated that their contracts were not stored electronically in a single repository.
- 24 percent of those surveyed reported that their agreements were stored electronically in several different places.
- 36 percent stated that their contracts were located in a combination of hard copy and electronic storage.
- 14 percent of respondents admitted that they did not know where their business contracts were stored.
The failure to properly monitor and manage key business contracts can have significant consequences on your bottom line. Examples include failing to exercise a lease renewal or other option provision in time, inadvertently violating the terms of a non-disclosure agreement, or neglecting to enforce a late payment penalty.
The same can be said for failing to regularly review your contract templates and form agreements. Huron Consulting Group found that 40 percent of those surveyed do not conduct an annual contract review.
For specific contract management tips, check out our prior post, “Do Your Business Contracts Need a Spring Cleaning?”
If you have any questions about this post or would like to discuss your company’s contract management and enforcement strategies, please contact me, Dan Brecher, or the Scarinci Hollenbeck attorney with whom you work.