Certain businesses inherently require a large number of contracts to be regularly executed on the ‘buy’ as well as the ‘sell’ side. The involvement of multiple stakeholders with conflicting interests – commercial teams, legal teams, and suppliers/customers - results in numerous hand offs and a lack of ownership of the contract. This can often lead to communication gaps, lack of visibility, delays, and missed opportunities. In today’s fast-paced business environment, turnaround times are critical. Once the commercial terms have been agreed with suppliers, customers, or other business partners, converting that agreement into a formal contract is a necessary step before the actual trading relationship commences. Any delay in this process leads to missed opportunities and can prove costly. With this business expediency in mind, companies tend to decentralize the contracting activity. This, however, results in a lack of control in every respect, from the use of non-standard templates to acceptance of terms that are less favorable or that expose the company to unacceptable risk to unauthorized signatories executing contracts.
At Nexdigm, we approach contract management as an end-to-end process. In fact, we recognize that every contract has a lifecycle, and it needs to be managed at every stage of that cycle. Our contract management services can radically change the way you manage contracts and contracting, thereby effectively managing risk without, in any way, sacrificing business need and urgency. We help you develop standardized templates for different contract types and playbooks that provide guidance for all foreseeable negotiation situations. These enable quick turnaround of contracts and at the same time ensure that contract risks remain within defined boundaries. Implementing an appropriate contract management platform brings traceability to the contract lifecycle, from contract request to execution and archival. The platform also includes summarization and obligation tracking, enabling you to get the most out of the deal you have negotiated and remain compliant with the commitments you have made.
When you choose us as your delivery partner to provide a fully managed service, we not only set up the contract management system, we also write your large volume, template driven contracts, negotiate them within the boundaries authorized by you, get them executed and archive them for future retrieval and renewal. This frees up your in-house legal team for more complex work and strategic initiatives. The bottom-line is that your senior leadership is assured of a structured framework for initiating, signing, and maintaining commercial contracts without losing the flexibility of doing business.