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AN INTRODUCTION TO CONTRACT RISK An Introduction to Contract Risk. Rod Linsley Feb 7, 2020 10:07:47 AM. We understand risk as any event, circumstance or condition that may occur and result in unfavourable outcomes. We assess risk in terms of its likelihood of occurrence and its level of impact. Consider the SIX WAYS TO ACHIEVE BETTER CONTRACT GOVERNANCE There are six key ways to achieve better contract governance, which we discuss in-depth below: Create a single source of truth. Define key contracts. Track any decisions, approvals and changes automatically. Assess and address any potential risks early on. Set the KPIs youGATEKEEPER BLOG
Contract Monitoring | Expert writing on the subjects of Vendor and Contract Management. Opinion, tips and best practice for specialist & non-specialist contract managers, legal representatives and vendormanagement.
CONTRACT ADMINISTRATION VS CONTRACT MANAGEMENT? WHAT'S THESEE MORE ONGATEKEEPERHQ.COM
SEGMENTING YOUR VENDORS TO REDUCE SUPPLY RISK Segmenting vendors can provide insights into your supply base that highlight to what extent each company is important to your business operations. It allows you to develop a closer working relationship with key vendors at many levels, executive, operational and transactional. By categorising vendors you also identify your level ofexposure to risk.
MANAGING POOR SUPPLIER PERFORMANCE The solutions to the supplier’s poor performance could be quick, simple and cheap to achieve, or the opposite in one or more respects. They may entail changes to obligations, processes, costs, service levels and so on. Formalising all such changes via an amendment to the contract is necessary. CONTRACT MANAGEMENT CASE STUDY: INTEGRATED PROJECT Description - IPM was established in 1988 as a professional services and business consulting firm with a sole focus—professional project management leadership. For over 30 years, IPM has improved customer PM capabilities by successfully managing over 4,000 projects, spanning multiple industries and objectives, for more than 400 clients. NEGOTIATING WITH VENDORS Negotiating is a key part of professional life. At some point, everybody needs to conduct a negotiation, either by doing deals on behalf of their business or on behalf of themselves. GATEKEEPER - NEXT GENERATION SUPPLIER & CONTRACT MANAGEMENTLOGINCUSTOMERSPRICINGRESOURCESVENDOR LIFECYCLE MANAGEMENT Gatekeeper is a next-generation supplier and contract management solution for companies of all sizes. Benefit from easy collaboration and a centralized record of all your contracts. Never miss a GATEKEEPER FOR NETSUITE Unlimited eSign licenses for all NetSuite users. Fully integrated, legally-compliant eSignatures enabling fast execution of business agreements. Maintain flawless audit trails with an automated, visual and defendable history of every stage of the eSignature process. “Great System. Vetted over 25 other systems and Gatekeeper rose tothe top.”.
AN INTRODUCTION TO CONTRACT RISK An Introduction to Contract Risk. Rod Linsley Feb 7, 2020 10:07:47 AM. We understand risk as any event, circumstance or condition that may occur and result in unfavourable outcomes. We assess risk in terms of its likelihood of occurrence and its level of impact. Consider the SIX WAYS TO ACHIEVE BETTER CONTRACT GOVERNANCE There are six key ways to achieve better contract governance, which we discuss in-depth below: Create a single source of truth. Define key contracts. Track any decisions, approvals and changes automatically. Assess and address any potential risks early on. Set the KPIs youGATEKEEPER BLOG
Contract Monitoring | Expert writing on the subjects of Vendor and Contract Management. Opinion, tips and best practice for specialist & non-specialist contract managers, legal representatives and vendormanagement.
CONTRACT ADMINISTRATION VS CONTRACT MANAGEMENT? WHAT'S THESEE MORE ONGATEKEEPERHQ.COM
SEGMENTING YOUR VENDORS TO REDUCE SUPPLY RISK Segmenting vendors can provide insights into your supply base that highlight to what extent each company is important to your business operations. It allows you to develop a closer working relationship with key vendors at many levels, executive, operational and transactional. By categorising vendors you also identify your level ofexposure to risk.
MANAGING POOR SUPPLIER PERFORMANCE The solutions to the supplier’s poor performance could be quick, simple and cheap to achieve, or the opposite in one or more respects. They may entail changes to obligations, processes, costs, service levels and so on. Formalising all such changes via an amendment to the contract is necessary. CONTRACT MANAGEMENT CASE STUDY: INTEGRATED PROJECT Description - IPM was established in 1988 as a professional services and business consulting firm with a sole focus—professional project management leadership. For over 30 years, IPM has improved customer PM capabilities by successfully managing over 4,000 projects, spanning multiple industries and objectives, for more than 400 clients. NEGOTIATING WITH VENDORS Negotiating is a key part of professional life. At some point, everybody needs to conduct a negotiation, either by doing deals on behalf of their business or on behalf of themselves. CONTRACT LIFECYCLE MANAGEMENT At a high level, CLM software helps businesses save time, reduce costs and minimise their business risks. By providing full visibility over your contract database, automation tools to remove manual work and the ability to monitor and track contract performance, contract management software unlocks the full value of your agreements.. It's estimated that poor contract management costs businessesGATEKEEPER GLOSSARY
We've pulled together a comprehensive list of terms including types of contract, typical contract clause language, legalese and recognised vendor management terminology to help with your understanding. THE IMPORTANCE OF OWNERSHIP IN CONTRACT MANAGEMENT Contracts are complex by nature with each stage of their lifecycle requiring a different set of activities. In a scaling organisation, or for an individual who is already balancing multiple priorities, it can be easy for some of the responsibilities relating to a contract to slip through the cracks - whether that’s a key date being missed or levels of risk increasing without anyone knowing. WHAT IS ENTERPRISE CONTRACT MANAGEMENT? Shannon Greaney Jul 31, 2020 1:54:40 PM. Enterprise contract management describes the specific challenges and approaches for managing contracts at scale in enterprise organisations. While the majority of the principles are consistent with smaller businesses, there are some unique challenges to be met when working with largerorganisations.
HOW TO MANAGE VENDORS In this article, we're going to take you through five key areas of vendor lifecycle management, offering practical, actionable advice. The areas we’re going to cover will be: Spend Visibility: analysing and understanding your third-party spend. Vendor Segmentation: classifying your vendors, enabling a segmented approach. MANAGING CONTRACT DISPUTES Disputes can cause detrimental outcomes in many areas, including: The relationship between the parties, covering mutual levels of confidence, respect and trust. Ongoing and timely performance of the contract. Exploitation of opportunities from the contract. Longevity of the contract. Viability of the organisation. HOW TO MAKE THE MOST OF CONTRACT RENEWALS IN 2021 To improve your contract renewal process, there are a number of steps you should follow: Record all contract dates centrally. Build in a contract review process and make time for it. Negotiate from a position of strength. Let's look at the process in more detail. HOW TO MANAGE BREACH OF CONTRACT Litigation is the final option, where the non-breaching party sues the breaching party for breach of contract. If a court finds the breach proven, there are several remedies it can apply. Damages. Amounts that the court has determined need to be paid to the non-breaching party by the breaching party are known as damages. CONTRACT MANAGEMENT KPIS Like any business discipline that aims to optimise processes and to deliver favourable outcomes, contract management can benefit from having clear Key Performance Indicators (KPIs) for contract management in place to provide evidence of the level of achievement of thoseaims.
MANAGING CONTRACTS USING EXCEL In the column next to these you can subtract the cell for “Today’s Date” from these contract dates. Doing this will give you the number of days from now until that date. The next step is to add conditional formatting (format/conditional formatting) so that you can This website stores cookies on your computer. These cookies are used to improve your website and to provide more personlised services to you, both on this website and through other media. To find out more about the cookies we use see our Privacy Policy.
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NEVER MISS ANOTHER CONTRACT RENEWAL Get automated reminders for contract renewals and view your data dynamically. Renew, negotiate, cancel, consolidate - on your ownterms.
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> ‘”The Gatekeeper team have been great. Their solution is truly > innovative and they are always highly responsive to our needs”. Nicholas Knoop, Corporate Counsel, HubSpot VISUALISE ALL COMPANY PROCESSES Digitise and visualise all company processes with our industry unique Kanban Workflow Engine . Delegate data entry by exposing digital forms, giving you back control. Generate supplier and contract records using form data in a single click.>
> “Gatekeeper are a vital partner for the SCC procurement and > commercial teams moving forward.” Andy Wright - Commercial Director, SCC.com TAKE CONTROL OF LEGACY DATA USING ARTIFICIAL INTELLIGENCE Gatekeeper's AI Extract™ is the fastest, most accurate and highly trained AI solution on the market today, designed specifically for contract data and clause analytics. Turn fragmented legacy contracts into flawless digital records withease.
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> “The Gatekeeper team is amazing. They are very responsive when > there are questions.” Allyson Capps, IT Manager, Infogroup BEST PRACTICE INCLUDED Select from our best practice workflow template library to manage contract renewals, employee requests, supplier onboarding, documentation updates and sourcing.>
> “It is my job to find the best technology in Financial Services - > I selected Gatekeeper.” Guru Rao - VP Technology. Lincoln Investments ISO 27001 SECURITY CERTIFIED Gatekeeper's INFORMATION SECURITY MANAGEMENT System (ISMS) has been certified to the ISO 27001:2013 standard. ISO 9001 QUALITY CERTIFIED Gatekeeper's QUALITY MANAGEMENT SYSTEM (QMS) has been certified to the ISO 9001:2015 standard. SEAMLESS INTEGRATION Gatekeeper has integration support for over 220 third party solutions, including Single Sign On (SSO), Enterprise Resource Planning (ERP) Finance, Document Management Solution (DMS) and more.>
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