The Role of Contracts

Contracts are written to create an agreement between parties engaging in commerce. They are often the result of weeks of negotiation, and serve as the foundation for business relationships. Managing agreements between parties requires so much attention, that entire departments were created to manage the burgeoning terms, conditions, prices, renewals, expirations, liabilities, warranties, rights, writs and remunerations.

Over time, clever filing systems have been augmented with basic technology. Today, agreements are often filed away and forgotten about, only to emerge when a dispute arises between parties.

As global demand for goods and services continues to grow rapidly, the need for streamlined contract management has reached a fever pitch. Some organizations have even reached the point of moving from filing cabinets to a fully centralized management system, with all contracts housed in searchable bits and bytes, all accessible at the click of a mouse. 

The Payoff of Contract Management

Contract management systems are so finely tuned that alerts land in one's inbox when contractual action is required, or when contractual protocol is not properly followed. Important documents can be viewed, shared, and stored at the click of a button.