The risks associated with poor contract management include overlooked penalties, lost revenue through ineffectual terms, a damaged brand due to poorly constructed or missed terms, lost savings and opportunities through poor administration...
Lowell, MA (PRWEB) September 13, 2017
Contract Logix, LLC – a long-time developer of Contract Lifecycle Management (CLM) software solutions – announced today the publication of a new white paper detailing the evolving role of Corporate Counsel in Contract Lifecycle Management. Titled “A Corporate Counsel’s Guide to Successful Contract Lifecycle Management,” this publication outlines ten best practices for mitigating risk in contracting while ensuring the commercial success of agreements.
“Traditionally a Corporate or General Counsel was solely concerned with managing risk in the event of litigation,” notes Contract Logix Vice President of Marketing, Bill Muller. “And while risk is certainly still an important consideration, Corporate Counsels are now leading the charge in the application of technology to contracting processes, encouraging collaboration throughout the organization, and having an overall larger impact in commercial areas of the business.”
The best practices contained in this white paper address the four core components of CLM:
“The risks associated with poor contract management include overlooked penalties, lost revenue through ineffectual terms, a damaged brand due to poorly constructed or missed terms, lost savings and opportunities through poor administration and lost contracts, unexpected renewals and expirations, additional costs to remedy subcontract/order of nonstandard terms and conditions, and hidden clauses that leave the company open to liabilities and other disadvantages.”
- Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2017, Magnus Bergfors, Deborah R. Wilson, Desere Edwards, 24 July 2017
About Contract Logix
Founded in 2006, Contract Logix is a longtime innovator and provider of Contract Lifecycle Management (CLM) software and professional services. CLM software from Contract Logix provides companies in many industries with the tools they need to efficiently draft, negotiate, approve, and manage their contracts. Contract Logix provides solutions that are purpose-built to address all phases of contract management from authoring to post-execution. Learn more by visiting the Contract Logix website at http://www.contractlogix.com.