Is your tech company's contract management system up to scratch?

Peter Thomson

ContractRoom

by Peter Thomson

Ensure good growth and governance in your negotiations and contracting with the right contract management software!

As a General Counsel or Contract Manager working in the high-technology industry you want your contract management process to be as efficient as the product or products your company promotes and sells. The multitude of contracts you deal with everyday may include those that relate to (buying, selling, hiring, recording):

  • technology_concept_2.pngsoftware license agreements
  • master services agreements
  • support and service-level customer agreements
  • non-disclosure agreements
  • professional implementation services
  • relationships with partners and service providers
  • contracts and employee agreements with developers and other workers
  • hardware and software infrastructure production and maintenance
  • contracts with sellers, vendors, public relations and logistics providers

With all of these you will most properly have to collaborated closely with your in-house teams in procurement, marketing, sales, product and finance as well as negotiating with your counterparties while balancing the interests of the customer with maintaining a good financial position for the company.  You will also need to choose the correct clear expressions for all relevant terms in the contracts, coordinate signing, serve as legal point of contact with customers and internal teams for agreement interpretation and other issues or disputes post contract signing.  In addition you need to ensure your company is compliant with all its contractual obligations and deal with modification requests.

While doing all of the above you also may be responsible for insuring all intellectual property rights are maintained and responsible for liaising closely with the financial department to assist with revenue recognition issues for compliance with Financial Accounting Standards Board (FASB) accounting practices, revenue recognition, financial reporting and audit requirements.  You may also be responsible for dealing with company and customer purchase agreements, including renewals and amendments and responding to highly complex requests for proposals (RFPs).  

So how do you make the contract management process the most efficient so you can successfully and effectively fulfill all your obligations as General Counsel or Contract Manager?

You will need a contract management system technology that does, at a minimum, the following:

  • Allows you to easily build the range of contracts you regularly draft and amend tweak them for unique requirements of each jurisdiction, customer or other counterparty
  • Leverages past data and analytics to assist with speed or review and close i.e. selecting the contract clauses that are most likely to be quickly accepted by counterparties requiring little to no redlining or negotiation.
  • Co-ordinates and captures internal and external communication and negotiations and amendments for easy collaboration, negotiation and ease of reference when required
  • Automates workflow so that if there are a set of contracts or documents that need to be created in order the system automates this process while prompting you, your team and counterparties’ turn to complete a task
  • Allows for digital signature from anywhere so you can easily coordinate the signing for all those with the required authorities
  • Automates execution and converts contract commitments into actionable items/tasks, and in that way enforces proper compliance i.e. alerts you when your company is required to do something under the contract

A solid contract management software system will have all of the above features and functionality - but don’t stop there demand more from your contract lifecycle management provider - invest in one that will ensure your experience/life managing contracts in the fast paced, high growth technology industry is much easier and smarter.

ContractRoom (www.contractroom.comis one such contract management system and is the home of #PredictiveAgreementTM - to learn more about how you too can “negotiate less, agree more” schedule a live, free demo by clicking here: Request Demo

 

About the author

Peter Thomson

Peter Thomson

Peter has been involved in technology since he developed his 1st product for the legal industry in 1987 - a case management system called CaseTrack. But didn't stop there, and has continued to push for innovation and disruption to make processes more efficient and just plain happier!

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