There’s nothing worse than spending countless hours back and forth negotiating a contract’s terms only to find that a small administrative error ruined it all.
However, there are some common mistakes that can get into the way of a solid contract and end up costing your company both time and money, and one simple way to fix them.
The wording of a contract is essential, but when it’s up to one person to type these out and proofread them you can often mix up the wording.
Without clearly defined terms written in the correct legal way, your contract will be void and there will be no legal standing for either party to uphold their end.
Without contract management software in place, naming the correct parties in a contract can cause a lot of mayhem. If you mistakenly use the name of a person representing a company rather than the company itself, for example, this can make someone personally liable for the contract.
Contract management software removes the risk of this mistake by having databases with contact names and details to ensure the correct titles are always used.
While it’s all well and good to have set dates for deliverables within a contract if you’re not checking that these are occurring they may as well not even be there.
Using contract management software means you can set up automatic reminders and email alerts to show you when certain things are due, so you’ll never miss any of the important dates or times again.
An issue that computer users come across regularly is entering the wrong date format for a contract, which can have a huge impact on how it’s managed. Contract management systems are now designed to prevent these errors from occurring so you don’t miss important deadlines or cutoffs.
Not only will the date format be entered correctly from the start, you’re able to link these to your personal or business calendar so that you don’t miss any important milestones occurring.
When you consider just how important contracts are to the running of businesses, it’s no wonder that more companies don’t put in the real effort required to manage them.
Using your computer alone to manage contracts doesn’t always mean they’re plausible, though, as there are plenty of ways that IT can still fail us.
The right contract management software can remove the chance of any of these and other mistakes occurring, and give you a centralized and efficient way of managing your important contracts.
With the right system in place, you can have peace of mind that everything is being handled and with no room for costly human error to occur.