"The bad thing about not keeping track of your contractual information is no one has or understands what terms your business has agreed to. Your team is not managing things like contract renewals, spend commitments, and understanding supplier SLA's and KPI's. Not having well organized contractual data puts your business at risk of several things including failing an audit compliance check. Your team is also most likely not performing Supplier Performance Management either.
Take steps to gather all contractual data across your IT network and develop a contract boiler plate template capturing key information about the contract like, agreement name, supplier, contract term length, terminate clause, limits of liability etc. Agree a mandate for where contracts will be stored and hold teams accountable for ensuring their contracts are updated and maintained in the system. "
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