Ask a contract manager to describe how they felt when their company was awarded a large, flagship project. At the outset, they might describe feelings of elation and joy – after all, not only do they now have certainty around their continued employment, but they also have the opportunity and privilege to work on a project that will be a household name, and will play a fundamental role in servicing the community in the years and decades to come.
As the days and weeks pass however, and the the transaction team moves on to the next deal, for the contract manager, reality hits – they are responsible for ensuring that the 15,000+ page contract comprising circa 4,500 obligations is managed efficiently and effectively. Do it well and they will be a hero. Miss something, and the whole company will know about it. In that light, one can perhaps understand why those initial feelings of elation may give way to an unquenchable thirst for red wine or perhaps something stronger.
Coming to grip(e)s
The sheer volume of obligations that exist on these projects has been described by some as a “tidal wave of risk”. Coming to terms with the situation reveals a grim reality – simply identifying all of the obligations each party is responsible for is beyond the capacity of many organisations. This in turn leads to an unspoken acceptance of the fact that not all obligations can be captured and monitored. You can just about forget efforts to hold the other parties to account….. Or can you??
Every journey starts with a single step
For contracts, that step is the Task Finder… Intelligent documents allow users to instantly identify every obligation and entitlement in the contract suite. Say goodbye to six months of reading the contract line-by-line to ensure nothing is missed – Task Finder identifies your obligations and entitlements and allows you to import them directly into the contract, thereby allowing Just-in-Time reminders to be sent from, and compliance history to be captured at, the clauses to which they relate. Easy!
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