Is it difficult to keep agreements and permits in order?
Numerous businesses face the challenge of effectively managing the multitude of agreements they enter into. Whether it's supplier agreements, customer contracts, or government permits, these documents often contain crucial information and deadlines that must be meticulously monitored. Additionally, the need to securely store these contracts to safeguard trade secrets cannot be overlooked.
Unregulated management of contracts can lead to;
Exposure of proprietary information
An erroneous configuration of authorizations and confidentiality can result in the unauthorized disclosure of vital business information.
Failure to stay updated or adhere to termination procedures
Mistakes or delays in managing contracts can result in missed opportunities, decreased revenue, and avoidable expenses.
Legal conflicts
Neglecting proper contract management can result in vital contract terms being overlooked, signed contracts going missing or becoming untraceable, and important appendices and preparatory work being lost. This oversight can easily lead to conflicts and varying interpretations when dealing with counterparties.