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 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)