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We believe products are only great if they truly help the people and organizations they are designed to support, and it's the real-world feedback from our customers that made these awards possible. We're so grateful to them for sharing their continued success with us, and it's time to celebrate!

Last week we were lucky enough to be joined by Ronak Ray, General Counsel of Pantheon, and Judist Crews, Director of Business Systems at Revalize, to settle an ongoing debate—can legal and business systems teams be friends?

Contract Risk Management: 3 Fundamental Shifts To Improve Your Business Agreements

In the fast-paced world of business, agreements are created every day. These agreements, known as contracts, often involve several different teams and can affect the arrangements, operations, and relationships between each of those parties. Knowing that it's almost impossible to keep track of each and every contract, the terms within them, and how they will impact your business both in the short and long term, it's a good idea to have a contract management solution to protect your business from "risky business". 

Though we may never be completely free of risks in day-to-day business operations, many of them can be proactively addressed to reduce negative impacts.

So, what is contract risk management anyway? Contract risk management involves the accurate assessment of the amount of risk contained within a contract. This may include loss of opportunity, legal exposure if things go wrong, and potential business impact the contract will have on the involved parties. To be most accurate contract risk management should evaluate the total risk contained across a company's entire portfolio of active agreements.

Before you take the first step in your contract risk management journey, it's important to understand the key benefits.  Though there are many advantages, we've narrowed them down to three fundamental advantages contract risk management can bring to your business.

Contracts exist precisely for when things go wrong and it looks like things have gone very wrong in the case of Scarlett Johansson's contractual relationship with Marvel Entertainment and its parent company Disney. Johansson just filed a lawsuit claiming breach of contract for her role in the movie Black Widow, which was released July 2021 following numerous delays due to COVID. While the facts of this case may present unique circumstances, this suit underscores why contract risk management matters so much and how we are all still feeling the effects of uncharted contract territory in the era of COVID.

As companies work to beat out the competition, taking a deeper look into contract management can be a driving force of success. When contracts accidentally expire or key milestones are missed, it can handicap your business. Effective contract management improves workflow efficiency and leads to a more progressive and well-functioning organization.

The following 5 contract management tools and features can revolutionize the way your organization manages contracts.

5 Key Contract Management Practices for Procurement

Procurement is one of the most complicated sides of running a business. Throw in the legal aspects of contract management and it becomes even more challenging to run a procurement department efficiently and cost-effectively.

Sales teams are critical to many businesses' revenue, so empowering your sales people is essential. The last thing sales wants to do is lose valuable time to close struggling with contract documents. It is crucial to employ a contract management solution that automates and streamlines the contracting process by integrating with Salesforce (or whichever CRM your company uses). The outcome will be a smoother experience with drafting, negotiating, and executing contracts.

When contract lifecycle management is overlooked in business operations, it leads to unnecessary financial losses and can reduce operational efficiencies. For Sales, Legal, and Finance teams, adhering to contract management best practices is essential.

From contract drafting and storage to speedy approval times, here are 10 key contract management standards and best practices that should be applied to any CLM process.