Contracts with vendors, third-party service providers, and customers form the very foundation of commercial business transactions, providing the framework that gives each party the confidence they need to enter into or continue the business relationship. Commercial contract management refers to the process of helping parties to commercial agreements manage their obligations and contractual rights. When this process isn’t managed efficiently or when it does not follow an established workflow, delays or missed deadlines are real risks.
To prevent delays, follow these best practices:
Digitize Contracts
Find and implement a contract management solution that will allow for storing contracts and agreements in the cloud, in such a way that they can easily be searched.
Organize Agreements
Creating an inventory, identifying the parties responsible for each agreement, and establishing workflows and key steps can prevent many delays. When the data and key terms of contracts can be parsed by subject matter, parties, expenses, renewal terms, and key dates, missing deadlines can be avoided.
Analyze the Data
When companies switch from storing paper contracts in filing cabinets to maintaining them electronically in the cloud, terms and agreements can be analyzed to identify areas of potential risk and obligations. Having this information readily accessible, and having an expert partner on your side to efficiently and effectively summarize key contract provisions, can be invaluable when considering entering into future contracts.
Establish a Relationship with a Repeat Provider
Utilize the services of a firm that can help with all aspects of commercial contract management. The sooner a contract is in force, the sooner the parties can begin working with one another.
When choosing commercial contract analysis and management, look for a provider with experience, a dedicated commitment to security and privacy, and a transparent process. Selecting a service provider that offers a quick turnaround time prevents delays, which is one of the primary reasons for outsourcing any aspects of commercial contract management.
Commercial Contract Management Services
Baer Reed provides commercial contract management services designed to help identify potential costly delays before they manifest. To learn more, call 888-433-1990, or contact us online.
Mr. Reyes graduated with honors from the Ateneo de Manila University, where he received the Procter and Gamble Student Excellence Award. He obtained his Juris Doctor degree from the Ateneo de Manila School of Law. During law school, Mr. Reyes was part of the Philippine delegation to the Willem C. Vis International Commercial Arbitration Moot held in Vienna, Austria. He was also a member of the Ateneo Society of International Law and the St. Thomas More Debate Society. He completed his internship at the Public Attorney’s Office. He wrote a thesis entitled: “To Kill A White Elephant: An Analysis of the Fiduciary Exception to the Corporate Attorney-Client Privilege”. Mr. Reyes is admitted to practice law in the Philippines and the State of New York.
Ms. Lardizabal-Manzano is a graduate of San Sebastian College-Recoletos, where she earned her B.A. in Political Science. In 2003, she received her law degree from Lyceum of the Philippines and was admitted to practice law in 2004.
Matthew Hersh earned a B.A. in Political Science from Columbia University in 1990 and graduated cum laude from Georgetown University Law Center in 1999. He also holds a master’s degree in international relations from the Georgetown University School of Foreign Service.
Cap. Avi Levak (Res. IDF) graduated from from Israel’s prestigious Ben-Gurion University of the Negev with a Bachelor of Science in Computer Science and Mathematics. He is also a Leadership and Communication coach trained in TuT coaching by Alon gal in Israel. Avi specializes in high-level, in-depth analysis of business and client needs, within systems and software strategy and architecture.
Ms. Tyler graduated cum laude from Georgetown University and received her law degree, cum laude, from Georgetown University Law Center. During law school, she interned at the United Nations Economic Commission for Europe. She also worked on The Tax Lawyer journal and was a member of the award-winning Barristers’ Council Mock Trial Team. Ms. Tyler is admitted to practice law in the State of California and the District of Columbia.
Ms. Cruz-Anonuevo graduated cum laude and top nine in her batch from Miriam College with a degree of Bachelor of Arts in InternationalStudies. She obtained her Juris Doctor degree from Ateneo de Manila University School of Law in Rockwell. During law school, she interned in Rivera, Santos, Maranan & Associates. She was also part of Ateneo’s Labor Law Bar Operations. She wrote her thesis on, “Stealing Privacy: Limitations on Media’s Photographic Invasion.,” Ms. Cruz-Anonuevo is admitted to practice law in the Philippines.
Ms. Aquino-Batallones obtained a Bachelor of Arts degree in Development Studies (with Minors in Global Politics and Hispanic Studies) from the Ateneo de Manila University. In 2011, she received her Juris Doctor degree from Ateneo de Manila University School of Law. During law school, she interned at Romulo Mabanta Buenaventura Sayoc & de los Angeles then became an intern of Ateneo Legal Services Center’s Clinical Legal Education Program.
Mr. De Guzman graduated from San Beda College with a degree of Bachelor of Arts Major in Economics and received his law degree from San Beda College of Law. He is multilingual and is fluent in three languages: Chinese, Filipino, and English. He was admitted to the Philippine Bar in 2003.