Hazards of Manual Contract Renewal Management

1. Hazards of Manual Contract Renewal Management By DocuCollab © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com

2. During the contract renewal phase, counterparties have the chance to discuss potential problems with the old agreement and renegotiate better terms. Most contracts have renewal clauses, but it's important to get ready in advance by looking for common clauses and terms that might have changed since the contract was signed. Additionally, teams should validate that the goods and services offered under the contract are still required. To address these issues during contract renewal, they should assess the price terms and goal alignment. Contract renewals give the chance to enhance contracts to meet new standards and support the goals of contract stakeholders since organizational strategy, needs, goods, services, and budgets change. Handling contract renewals manually is not scalable and eventually causes operations to fail. As the margin of error grows, risks are more likely to manifest themselves in the ways described below. For more information on the risks associated with manual renewal contract management, keep reading this blog. Delayed deadlines: Here, there are two risks: Your business could become stuck in contracts that are no longer advantageous with auto-renewals. Your organization may completely lose out on opportunities to renew contracts that are about to expire on specific dates. Both situations may cause considerable revenue losses. Set deadline reminders in contract management software to automatically alert employees of contract renewal dates so they can make crucial business decisions. Last-minute evaluations: Pushing off contract reviews means compromising quality for expediency, which could expose your business to high liability costs. Enterprise contract management software enables you to © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com

3. construct a central calendar of forthcoming contract renewal dates to promote timely reviews in addition to setting up deadline reminders. Outdated versions: You're in the right field of employment if the thought of a duly certified, signed contract containing terminology that has not been modified to reflect new regulations causes you to shudder. Unfortunately, improper manual contract renewal management is all that is necessary to make that dread scenario a reality. You can easily keep track of all your document iterations with contract management system software to make sure everyone is referring to the most recent version. Additionally, a complete audit trail ensures that you always know who modified or uploaded the most recent version. DocuCollab is the best contract management software for businesses of all sizes and has market-leading capabilities. Use the contract renewal strategy to pursue the right customers and vendors who can add value to your business and be a catalyst to sustain its excellence. © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number: +1-571-228-7037 | Email: sales@docucollab.com