We all enter into some type of contract at various times in our  life. But have we ever thought of all the possible consequences in the long run? Is it really about sign and forget?

Every year, many companies lose a significant amount of money owing to contractual non-compliance. The reason? No/poor process of managing contracts. Is there any way out? Certainly, there is. The key to an effective contract management process can be as outlined as below:

Think beyond “sign and forget” and understand the contract thoroughly.

  1. Have a system for tracking what is to be delivered.
  2. Closely monitor the delivery time lines.
  3. Understand the penalties attached to non-performance.
  4. Think ahead – what value-add can be offered?

Now, this is where Brightleaf with its unique blend of automation and manual review of contracts has helped its clients. We streamline the entire contracting cycle by providing more visibility and transparency. This methodology has indeed proved to be a success formula for our clients to better manage both their buy-side and sell-side contracts.