Contract Insights

Government contract management is divided into three stages: procurement or acquisition planning, sourcing, and post-award contract management. 

The first two stages have had the most focused time and financial investment for improvement.  This approach leaves post-award management as a secondary duty for contract officer representatives (CORs) and contract managers within legal teams. Consequently, they are left unsupported for compliance, risk management, and opportunity realization. 

Arguably, contract processes after acquisition and sourcing are the most crucial stages for public-sector and private-sector contract managers. However, these stages notoriously lack proper visibility and resources.  This article will address the challenges and present actionable post-award contract management best practices with the help of contract management software.

Contract compliance is crucial for the success of a contract – and sets the stage for contract renewals. Unfortunately, many organizations are (sometimes unwittingly) exposing themselves to financial risk, breaches of contract, and legal penalties. Contract compliance mistakes can lead to contract failure, data leakage, a shattered reputation, lawsuits, and more.

Contract managers need to know their mistakes in order to correct course. As such, here are six contract compliance mistakes you might not know you’re making.

Contractual compliance management can be challenging when leveraging primarily manual methods, such as spreadsheet management – especially when tracking multiple contracts with varying compliance standards.  Fortunately, contract lifecycle management (CLM) software tools can help you retain contractual compliance.  Read on to discover how you can streamline three key contractual compliance management areas with leading contract management software.

Navigating your CLM Platform can be difficult if you aren't equipped with a thorough understanding of the contract lifecycle.  The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - possibly – renewed.  The "lifecycle" is an archetype used to characterize and understand a contract's complex growth.  The lifecycle voyage begins with contract requests and ends when said requests are achieved – with the feasibility of contract renewal.  With so many complex processes involved in contract lifecycle management, it can be easy to sail toward the treacherous waters of contract mismanagement.  With a strong sense of how to leverage leading CLM software, however, you can quickly get your legal operations sea legs!  Read on to learn how you can set sail toward better contract management.