The Best Pre-Contracting Preparedness Practices to Ensure Success
Much attention is paid to post-contract obligation and relationship management, but what about the pre-contracting process and tools that help pave the way? You can set your company up for success with a few pre-contracting best practices.
November 03, 2020 at 07:00 AM
6 minute read
Much attention is paid to post-contract obligation and relationship management, with articles and presentations focused largely on technology tools designed to assure that your company is getting the full benefits of what has been agreed. But what about the pre-contracting process and tools that help pave the way for better contracting and relationship management? Set your company up for success with these pre-contracting best practices:
Implement a simple, user-friendly request and intake process. Ideally, this will be an online tool or application available from any device where requesters go to seek contract support. They simply provide the key information, upload any relevant documents and hit submit. The request is routed to a triage team and a record with the request information is created. An intake process including required data fields ensures that the relevant information is collected upfront, avoiding the back and forth between legal and business requestors that can slow cycle times.
Having one centralized intake for all requests simplifies process control and maintenance. If that is not possible, different intake apps can be used for different corporate functions (e.g., sales, procurement, R&D, finance, etc.), agreement types, geographies or other differentiators. Intake does not need to be highly sophisticated; if your Contract Lifecycle Management system does not support intake, you could tap into any number of existing point solutions (Survey Monkey, Jotform, Google Forms, MS Forms, etc.); the key is for the intake process to be easy to access and use, gather relevant information, and integrate with your other tools, triggering record creation and close out when the contract is uploaded into the designated repository.
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