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Contract Management eBook: Why you need an Escrow arrangement for your Contract Management
Content eBook
What is this eBook about?
A contract is not much more than a collection of agreements. You want to have a grip on compliance with those agreements. For example:
- Cancel before date x, otherwise the contract will be extended for period y
- Satisfy condition y on date x, otherwise pay amount z
- Intention x is discussed during evaluation moment y
That is why a (good) cloud solution for contract management sends the right person the right notification about an appointment at the right time.
Imagine your cloud vendor goes bankrupt. The chances are slim, but it can happen. For example, due to a claim for damages from a third party.
The bankrupt company can no longer meet its payment obligations. This entails risks for you as a customer. Is your data still stored securely? Will it not be removed? How do you get access?
A regular data dump (backup) is often mentioned as a solution, but what can you do with that raw data in the case of contract management?
The data itself does not send a notification to the right person at the right time.
Contract Management Solution
A contract management cloud solution sends the right person a notification about important agreements at the right time.
Automated notifications
You always want to get those notifications. Even if your cloud supplier goes bankrupt. An escrow arrangement provides for this.
Use an arrangement
Without a plan, you lose data and forget appointments. It also weakens your negotiating position towards new suppliers.
Continuity arrangement
That is why many organizations opt for the continuity arrangement of Mochadocs and Escrow4all. You can continue to use the cloud solution for up to a year after bankruptcy. This ensures peace and security.