Contract Insights

Contract obligations are a foundational part of any contract. Without the performance of obligations, the terms and conditions of a contract are not met, resulting in a breach of contract. As such, each contract party's obligations should be easily accounted for without any oversights. Thankfully, future-minded and AI-powered contract management software can greatly support and simplify that process. To that end, here are three steps to detect contract obligations with contract intelligence.

Unfulfilled contract obligations can create a post-award contract management nightmare that can escalate to stressful legal action – such as issuing a cease and desist or suing your counterparty. 

So, how can you avoid this? 

By clearly defining the obligation of contracts between you and your counterparty and leveraging contract management software tools to receive timely alerts for each obligation of contracts, you can retain contract obligation accountability instead of meddling with unnecessary disputes.

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.

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.