5 BIGGEST CONTRACT Contract management is challenging. However, it is an incredibly important practice that can cost your company a lot of money if not properly handled. MANAGEMENT TRAPS

POOR ORGANIZATION 1 Contract management is challenging. However, it is an incredibly important practice that can cost your company a lot of money if not properly handled.

INCONSISTENCY AND MISUNDERSTANDING 2 Inconsistency and misunderstanding are typically caused by poor drafting practices and a lack of a strong system for collaboration.

COMMUNICATION GAPS AND DELAYS Gaps in communication between those that are involved in the drafting and implementation of contracts is a common mistake made by organizations. 3

MISMANAGEMENT OF RENEWAL CONTRACTS Automatic renewal clauses between two parties that expect to have a long-term working relationship are very popular due to the convenience they provide. 4

5 USING A PAPER - BASED SYSTEM Using paper contracts in your organization is an incredibly inefficient way to manage large amounts of contracts. Paper-based systems cause delays and tend to waste time.

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