If you operate a business that have contracts with vendors, service professionals, cleaning crews, part manufacturers, and other parties, then contract management is something you need. Say you have 50, 100, 200, or more contracts. Do you and your team know the material terms of each contract, the termination date of each, where notices need to be sent, when notices need to be sent, and what law governs each and every contract?
Chances are that you may have a decent idea, and if you have not been served with a demand letter, notice of breach, or a lawsuit then you may be in good shape. However, having the details of all your contracts easily accessible, other than the written contract, is invaluable to a business because it saves time. That is what contract management does. Contract management collects all the information from your contracts, places the important information in an easily accessible reference sheet for you to have on hand.
Contract management is something usually reserved for in-house counsel, but if you do not have in-house counsel that does not mean you should not have contract management. The Law Office of Eric J. Proos, P.C. will review, note key terms, and compile all the information in an easily accessible reference sheet for you, your managers, and various departments. Contract management saves time, money, and potential litigation.
The last thing you want is for your team to be filling a big order, or depending on a shipment of goods if the contract term has expired and you have not renewed the contract. With contract management you will know when all contracts are due to expire and will not need to worry about your company breaching, or losing out on any goods.
Call The Law Office of Eric J. Proos, P.C., today at (213) 784-3640 to discuss how contract management may help you and your partnership, limited liability company-LLC, or corporation.