The foundation of every business and its relationships is their contracts. These contracts define procurement, sales, marketing, finance, legal, and human resources. They specify every detail, responsibility, and expectation connected to the business. Managing these contracts effectively and measuring their performance is a key factor in business performance. Outsourcing “contract lifecycle management” is a sound investment that yields improvements in efficiency, reduces risk, and increases visibility.
• Improves Efficiency
Streamline contract creation
Virtual Paralegal Services (VPS) creates a customized contract negotiation playbook for each client. From this playbook, we create and negotiate all your contracts. VPS starts by abstracting all of your existing contracts to begin building your contract playbook. From there, VPS reviews your default positions and creates varying levels of negation strategies using fall-back positions. Contract drafting, review, administration, and management create contract continuity and offer specialized processes based on your business needs. Furthermore, your customized playbook keeps getting smarter as VPS negotiates new and updates existing contracts.
Introducing flexible and unambiguous workflow for the process
We maintain workflow by routing contracts to pertinent internal parties for review and approval, using a configurable set of contract variables, including contract type, product or service being exchanged, monetary value, and risk level. Our systemized process means measuring contract turnaround times in days, rather than weeks.
Utilizing legal resources efficiently
Utilizing our contract lifecycle management services, frees your in-house legal team and/or company administration to focus on the business itself. In addition, it not only eliminates the prohibitive hourly rates of external review; ongoing knowledge, and growth stay within the company.
• Reduces Risk
Assessing and mitigating risk
Most companies have multiple contracts (from hundreds to tens of thousands) and find it extremely difficult to impossible to manage ongoing obligations and maintain an accurate assessment of risk exposure. VPS contract lifecycle management services eliminate the problem through a proactive management approach. Critical dates and obligation requirements are managed by VPS. The business is notified and alerted to actions required in order to comply with contracts as well as mitigate risk.
Providing access to pertinent parties
Contract information is centralized and organized. Executives and managers can access the information they need, understand it in context, gain contract performance insights, and use it to their company’s advantage, while preventing access to all others.
Pertaining to corporate, industry, and governmental
This not only reduces regulatory penalties, but also enforces corporate policies. By carrying compliance items to a contract, a contract lifecycle management solution ensures the inclusion of the corporate policies and procedures that provide the level of auditable governance required by compliance legislation.
Verifying contractual obligations are fulfilled
By confirming that both parties meet their obligations, and that reporting requirements are properly completed, companies maximize their best return on their contracts.
• Increases Visibility
Contract Performance Dashboard
VPS provides a monthly dashboard providing visibility into overall contract performance and value. The dashboard includes key metrics important to your business such as active contract value, contract value under negotiation, expiring contract value, etc.
Ensuring milestones are met
VPS creates a notification and alert system to ensure notification requirements are met. For example, this can include reporting dates, performance comparisons, alerts for renewals and terminations, and renewal dates for contract-required insurance.
Dealing with renewals
VPS will automatically send notification of auto-renewal dates. This enables managers to evaluate the contract’s performance, and possibly negotiate improved terms with the client.
Contract Lifecycle Management is not just a business option; it is an essential for ultimate stability and success. Contact Virtual Paralegal Services. We will enhance your company’s growth strategy through contract lifecycle management services. Phone: 888-600-4992 Fax: 508-318-6342