Contract Management Process Audit

19 Questions to Review and Optimize Your Contract Workflow

In its simplest terms, contract management is the process used to create and oversee a contract throughout its lifecycle. This lifecycle can involve multiple stages from initial consideration to termination. Throughout the contract lifecycle, lawyers play a critical role in managing expectations and ensuring party objectives and rights are appropriately accounted for.

Employing practices to meet these expectations should be high on every lawyer’s priority list. What helps is having a well-defined contract management process to advance business arrangements and deliver greater value, efficiency, and transparency.

Lawyers should devote the time and effort to maintain a contract management process that can help deliver results, including:

  • Achieving the expected benefits and value of the arrangement
  • Cooperative and responsive parties
  • Parties easily understanding their contract obligations
  • Fewer surprises, misunderstandings, or disputes
  • Creating a clear path for contract changes to the mutual satisfaction of both parties
  • Easily monitoring and updating the engagement for compliance
  • Readily accessible records of the engagement

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