Contract Lifecycle Management involves not only the proactive management of compliance to the negotiated terms and conditions of your agreements, it is highly dependent on how the specification and contract is constructed.
Rudyard Kipling wrote, I keep six honest serving men,(they taught me all I knew); Their names are What and Why and When, And How and Where and Who
Rudyard Kipling wrote the above text at the beginning of last century and hit on one of the most critical factors for successful contract lifecycle management. Whatever method of contracting you choose, and in what industry or discipline, the above remains true. If you get the specification right, then successfully managing the contract will be far easier than if you do not.
Producing a good specification is worth the effort to make your life easier when managing delivery of the contract.
The specification must form the basis of the legal document, which forms the basis of the relationship, not the other way around. And without a good specification, contract lifecycle management can be very difficult because there is no clear guide to delivery of the contract and no effective control mechanisms in place.
Contract lifecycle management software will help to streamline your contract management. But remember to get the specification right. - 15246
Rudyard Kipling wrote, I keep six honest serving men,(they taught me all I knew); Their names are What and Why and When, And How and Where and Who
Rudyard Kipling wrote the above text at the beginning of last century and hit on one of the most critical factors for successful contract lifecycle management. Whatever method of contracting you choose, and in what industry or discipline, the above remains true. If you get the specification right, then successfully managing the contract will be far easier than if you do not.
Producing a good specification is worth the effort to make your life easier when managing delivery of the contract.
The specification must form the basis of the legal document, which forms the basis of the relationship, not the other way around. And without a good specification, contract lifecycle management can be very difficult because there is no clear guide to delivery of the contract and no effective control mechanisms in place.
Contract lifecycle management software will help to streamline your contract management. But remember to get the specification right. - 15246
About the Author:
Adam McInnes is the Chief Executive of Open Windows Contracts, a leader in contract lifecycle management software. Open Windows offers a trial of their contract lifecycle management software and further material that may interest you.
