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Keeping accurate records and documentation related to a contract is important for a few reasons.

 

 

1. Track dates & deadlines

First, it can help you to keep track of important dates and deadlines, such as when payments are due or when certain obligations must be fulfilled. This can help you to avoid missing any important deadlines, which could lead to legal consequences or other problems.  

 

 

2. Prove

Second, having accurate records and documentation can help you to prove that you have complied with the terms of the contract in the event of a dispute. For example, if the other party to the contract alleges that you have not fulfilled your obligations, you can use your records and documentation to demonstrate that you have done so.

 

 

3. Finally

Having accurate records and documentation can help you to manage the contract effectively and make any necessary changes or updates over time.

 

Using a professional Contract Lifecycle Management tool will help you comply with any terms and conditions.

 

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