At this critical time in the current economic climate, it is even more vital than usual that businesses have full visibility of their contractual obligations and tight control over the renewal process.

One financial company we recently spoke to had spent half a million pounds on IT contracts that were no longer required; contracts had been renewed automatically each year, simply because their processes failed to notice they were due for renewal and did not cancel them in time.

When it comes to increasing corporate process efficiency and control, implementing a contract management solution provides accurate, reliable and timely information of an organisation’s contractual obligations. framework provides email notifications for all important milestones such as contract review and cancellation dates, ensuring that there is sufficient time to review and potentially cancel the contract in time, avoiding unnecessary payments.

By having a central contract database in place you will also be in a strong position to negotiate better deals with suppliers. Communication notes and attachments can be stored within the system ensuring Service Level Agreement (SLA) compliance, minimising business risk and reducing spend.

5 Top tips for managing contracts in the current social and commercial economy >>

framework is currently being used by leading companies across all industry and market sectors. Please contact me should you require any further information or wish to see a demonstration.

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Contract management system verses the traditional spreadsheet

Historically, spreadsheets have played a centric role in the administration of contracts, but it has many failings.

Ask yourself:

If the answers to these are not acceptable then you could benefit from a contract management system.

Say goodbye to the traditional spreadsheet >>

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Prepare for disputes, litigation and positive resolutions!

Nigel Kissack, head of dispute resolution and litigation at the law firm Pinsent Masons, realises that companies face the likelihood of more disputes this year as the recession bites. He advises companies to prepare for this by taking some important steps now, rather than waiting until you sue or get sued.

Read more >>

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Each month Software Europe host two online web events showcasing our contract management solution: Click here to register