Skip to content
  • Home
  • Automotive
  • Business
  • Health
  • Technology
  • Food
  • Decor
  • Family
  • Tour
  • About
  • Contact Us
  • Privacy Policy
X WorldWe Share Positive News
  • Home
  • Automotive
  • Business
  • Health
  • Technology
  • Food
  • Decor
  • Family
  • Tour
Written by Christopher on August 30, 2018

Improve your contract management with these extra tips

Reviews

You understand the importance of good contract management and have contracts agreed with your suppliers; now, you need good contract management in place to maximise performance and business results. Here are five things to consider:

Image Credit

1 Ongoing monitoring

Once you have a contract signed, dont just file it and forget about it; instead, implement a contract good management system. You cant just assume that the supplier will perform to the agreement. Keep an eye on them and review their performance regularly. If you are not monitoring them closely, you could miss underperformance and get poor results.

2 Good issue management

Sometimes things dont go as planned and a supplier may not be performing well. You need to deal with issues directly with the supplier and manage them through to a satisfactory resolution. You should ensure any action taken addresses and corrects the problem in an appropriate manner; alternatively, you may need to refer to your exit strategy.

3 Regular reviews

Keep the suppliers attention and focus by having regular reviews – if they never hear from you, how can you expect to be high on their list of priorities? These reviews should be structured and fully analyse both compliance with the agreement and performance levels. You should then develop any necessary action plans to address areas that need to be improved upon or changed.

Image Credit

According to the National Audit Office, good contract management ensures value for money is obtained.

4 Manage this and other contracts

Remember that you may not be the only business with a contract with a particular supplier. If they have contracts with other clients, you want to gain an advantage over the others by effectively managing your relationship. Consider a contract management system from a specialist such as https://www.contractswise.com/.
.
5 Plan for expiry

Be prepared for the end – you dont want to be surprised when you suddenly realise a contract has ended and you are not prepared. To ensure you have maximum leverage and are in the best position to renegotiate terms, you need to have plenty of time on your side. Make sure you are reminded of the impending end date in good time so that you are in the best position to get a continuing arrangement agreed and in place nice and early.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015

Calendar

May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr    

Categories

  • Automotive
  • Business
  • Education
  • Entertainment
  • Family
  • Fashion
  • Food
  • General
  • Health
  • Home Improvement
  • Law
  • Reviews
  • Shopping
  • Sports
  • Technology and Gadget
  • Tour and Travel

Copyright X World 2022 | Theme by ThemeinProgress | Proudly powered by WordPress