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Contract management - the basics

Contracts come in many shapes and sizes.
It's easy to forget they expire and you need to renew or renegotiate your options.

A bit of planning and organisation is the best means to avoid being caught out. *sigh* I hear you say... It's not that bad...

What is contract management?
Basically, it's keeping your contracts in order; from the negotiation stage right through to sunset.
If you develop a contract management process with the principles and fundamentals from the outset, it will make your life so much easier - then it's just the maintenance as you go along!

Keeping track

Keeping track of the details is tricky, and is best done by:
  • Maintaining a spreadsheet which lists all your agreements as a line item, and lets you know the specifics about them, like:
    • Who the other party is
    • What the agreement is for
    • Who the contact person is, and their details
    • What the deliverables are
    • Timelines for those deliverables
    • Start and expiry dates
    • Insurance requirements
    • Financial caps (even more important is how you monitor these)
  • Use your email calendar to help with expiry dates, and set regular appointments where you go through all your contracts that are coming up for expiry/renewal so you can start the process early (we meet 3 monthly)

Here's something to help

If you're still wondering how to make this easier, check out this sweet spreadsheet template you can download to help get you started.

Or you can always flick me a line and I can help you out :-)

~ Bronnie

Image from http://dilbert.com/strip/2009-11-10