A company communicates through its contracts. The most important and reassuring experience for the various stakeholders of an organisation is when they ink new contracts. These critical documents can be anything from a routine supplier contract, an OEM contract to a lifesaving mega deal that could change the fortunes of a corporate citizen. Yet, a simple misplaced comma can alter the contractual meaning of a complex business arrangement. Then there are the various procedural and cumbersome practical aspects of managing a contractual relationship, which more often than not, is regarded by parties with a jaundiced eye.
A robust contract management system which includes contract strategizing, vetting, versioning, storage and effective retrieval system, aided by prompting tools that highlight critical dates and events go a long way in managing a contractual relationship. An important aspect of contract management is categorisation of contracts for effective internal and centralised control and every robust contract management system should address the key elements for central and decentralised controls for contract execution.
Sand-Legal’s expertise in contract management, derived from experts in contract structuring, vetting and management would reduce the risk of contractual violations, based on the type of contract, and allow the organisation to transact with its stakeholders in a secure environment. Our people-centric approach and processes in contract management assist organisations to structure, manage and de-risk contractual life cycles and ensure sustainability.Currently Sand Legal has handled more than ten thousand contracts from across 18 countries.