Yikes! It's spooky season alright! That means jack-o-lanterns, costumes, and, of course, haunted houses. If you are in the mood for something really scary, step right up and enter our Contract House of Horrors! Here you will find your most terrifying contracting problems come to life.
On average, 9% of an organization's annual revenue is sapped away by vampire contracting practices. And this figure can be as high as 15% for some larger organizations! The even scarier part is that your company's financial health can be sucked away without you even noticing it.
Garlic and wooden stakes won't get rid of vampire contracts, but there are some less witchy solutions. A modern CLM, like Malbek, will give you the visibility and trackability you need to prevent revenue leakage. Saving time, money, and cure vampires? Sign me up!
File Cabinet Poltergeist
In my opinion, the definition of paper contracts is a poltergeist's dream in a file cabinet. Paper agreements can be lost, buried, or even fly about the room given the chance. And when you can't find a contract that you need, things can go south quickly.
So, when it comes to paper agreements, it's just best to skip the horror show. To my knowledge, poltergeists haven't learned how to use technology, so having a cloud-based contract repository is a much safer idea. You'll always know where your contracts are, who they are with, and what their status is. What a treat!
No matter what you say, you are a risk. I mean, not you directly, but the terms that you might put into a contract! When terms aren't standard, that's when rogue contracts pop up. Yes, the saved copies of contracts you have on your desktop are lurking and just waiting to bite. And their bites are nasty! They can lead to unnecessary risk exposure, litigation, or even financial penalties!
However, there is a cure. A CLM solution with a clause library and a robust playbook will keep all were-contracts at bay. Now to address the full moon problem...
The worst part of a horror movie for me is the jump scares. A malicious character jumping out of a closet or from behind a car, they always make my heart race in the not-so-pleasant sort of way. However, there is one horror worse than that — jump scare contracts! These are contracts whose obligations, renewals, or payments lurk in the background until... EEK! Suddenly you are renewed for a service you don't need anymore!
Skip the tricks and treat yourself! A CLM like Malbek can help keep your heart rate at a normal level by sending you reminders for renewals, milestones, and obligations found in your contracts. You'll know exactly when things are due, and never miss a milestone again!
Thanks for coming to our little house of contracting horrors. These problems are common, but can be solved with the right CLM solution. Don't trick yourself. A modern CLM like Malbek is the treat you need to succeed!
If you are in need of a contracting exorcism, schedule a demo, and we can show you what a modern CLM can do for you!
Happy Halloween! 👻