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Planning Contract Management in Three Simple Steps

 

Planning Contract Management in Three Simple Steps

Learning how to manage a contract in three simple steps

Planning the contract in time is an important aspect in maximizing return. There is a different approach in every contract because it is the basis on which the contract is closed. This applies to either an employment contract, a software license or a permit.

Discover the Power of MochaDocs Contract Management Software


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Discover the Power of MochaDocs Contract Management Software

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Step 1 - Basic information

Ensure that the basic information of the contract is complete by making sure that it is digitally available. In this phase, documents are uploaded in a central repository and the basic information is entered in the Software. The necessary data is listed below:

  • Name of the contract,
  • The contract party or parties,
  • The contract type, the start date,
  • The term (or the end date),
  • Notice period,
  • Verification of possible express renewal in the contract,
  • The kind of renewal (which term, unlimited or limited extension),
  • The contract owner

 

After the basic information has been added, managing the contract by end date can begin and documents could be easily be retrievable. Then, Step 2 can be started.  

 

Result of step 1 (potentially supplemented with contact details)

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Step 2 - Who does what with what content of the contract?

In Step 2, we explore the contract in depth with asking ourselves, "What does the user want to manage?" followed by "What should be managed for the contract owner?"

 

What does the user want to manage?

 

A dashboard of key factor data in the contract should be displayed. It is possible that MochaDocs has already assisted by creating the subject titles, or it can be requested by the contract manager. The contract manager can add and change everything. Topics, tasks, documents, financial values and task schedulers. These components create the foundation for making all future (reciprocal) activities manageable.

 

What should be managed for the contract owner?

 

Now that all parts and related activities have been visualized, the question "Who should do what?" apply to assigning the owners of the various subjects or tasks (those owners are called stakeholders). If a task has been assigned to a new owner, he will receive a notification in time. Naturally, the contract owner remains informed of all developments. Any new tasks are planned and the contract owner checks whether the tasks are handled within the right time frame. The contract owner is assisted by, for example, other stakeholders, automated escalation processes, powerful predefined reports and smart dashboards.

 

Components that are performed by this step:

  • Appoint different topics,
  • Appoint and adjust different tasks,
  • Appoint and adjust various repetitive tasks,
  • Arrange automatic task scheduler,
  • Add the right documents,
  • Assess whether the automatically generated topics apply,
  • Assess whether the automatically generated activities apply,
  • Award accountability of topics to relevant stakeholder,
  • Award accountability and execution of tasks to the relevant stakeholder,
  • Award contract to various organizational units (matrix, organization chart, geographic).

 

The result of step 2 (tasks, accountability and powers are now linked to various topics)

Step 3 - Developing improvement measures and archiving the contract

At the end of the contract, a wealth of information can be gathered to help evaluate the contract. The tasks performed and the information can easily be read from the contract. The audit trail assists in adding a time stamp to the contract. The final evaluation assists in improving the organization and make new contracts. In addition, the contract can be archived (this happens automatically).

The actions to be completed are listed below:

  • Assess audit assess execution of tasks
  • Appoint improvement measures
  • Improve creation of new contracts
  • (Automatic) archiving of the contract with all parts
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Want to start managing contracts? Please feel free to contact us or request a demo.

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