HOW CONTRACT MANAGERS CAN ENSURE A PERFECT CONTRACT HANDOVER In most organizations, once a contract has been negotiated and signed, it will be handed off to someone else to manage. A smooth handoff between contract administration and contract management [insert link to blog post about differences between contract administration and contract management] is critical for the success of your business.

What is contract handover? Contract handoff is the period of time when both the contract administrator who negotiated the contract and oversaw the drafting of the agreement, and the contract manager who will be responsible for the implementation and monitoring of compliance issues are both overseeing the deal.

Organize Contracts Typically, a contract manager will be overseeing the performance of several contracts at one time. There may be hundreds, or even thousands, of active contracts at any one time.

7 Contract Tags You will want to assign the right tags to every contract to make it easier to find them later. Contract tags may include things such as the name of the other party, the type of contract, the length of the contract, and the sector of the business affected by the agreement.

Memorialize Handover Process The only way to have an efficient contract handover process is to make sure the process is written down. This will allow you to make sure the same steps are followed every time and will also make it easier to scale contract handovers as the company grows and more contracts are entered into.

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