Contract Managers carry with them a lot of valuable knowledge, data and wisdom. It is important you ensure your business captures this information so that when an employee contract manager leaves the company, these gems do not exit with them and can be leveraged for future use.
Here is a list of information and valuable data a Contract Manager holds and why it should be captured.
- Knowledge about how long past contract negotiations took and why they took so long. This knowledge can assist in the forward planning of negotiations;
- Knowledge about the terms or specific parts of contracts that caused the most amount of pain in specific transactions. This knowledge can assist when considering which templates to use for various terms in future contracts;
- Knowledge about how retained attorneys (e.g., outside counsel) performed in relation to past contracts including specific types of contracts. This knowledge can assist in ensuring future efficiency by ensuring retention of effective attorneys and save time and money;
- Knowledge of where they have saved all documentation such as all contract correspondence, customer contact information sheets, contractual changes, status reports and other relevant documents for all projects. It is essential this data is collected to prevent any oversights occurring. It is better if you have system that stores this information centrally and prevents problems caused by employees storing this information in personal drives;
- Views and wisdom in relation to company policies on Contract Management Standards i.e knowledge of recurrent pressure points in relation to these policies;
- Knowledge of important contractual insurance points. A good Contract Manager will know which contracts and/or particular terms involve the most risk and require adequate insurance. As insurance policies are renewed/changed it is important that these risk points are still covered to prevent unforeseen losses;
- Knowledge of the personalities people have with whom you negotiate regularly. A Contract Manager will hold perceptions of those with whom he or she has worked i.e. whether that party is aggressive, wanting to fight each and every point, collaborative and willing to work to achieve a win, win or excessively detailed insisting on meticulously reviewing each and every detail of a contract. Having this knowledge can assist in planning timelines for future negotiations;
- Knowledge in relation to the current and future to do lists. This is essential this data is collected to prevent any oversights occurring.
Software (contract management software or collaboration software) can assist in helping you collect this data and leveraging it to assist in future negotiations: https://www.youtube.com/watch?v=1UQ2VAReH9w&feature=youtu.be
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