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Contract Management Best Practices: Building Blocks

Learn the importance of contract management and how to implement an effective, organized system for your business.

The purpose of this topic is to provide a three step process for organizing and managing your organization's contracts. This introductory material will cover an initial three areas with which to establish a contract management (CM) system foundation which can grow with your firm. This initial session is designed for the very beginning stages of contract management - a tool to guide you through setup and institution. Once these three phases are complete, you will possess a framework that can be utilized to streamline the system and gain efficiencies and/or cost savings. Learning goals for the building blocks are: a) preparation for a basic contract management system; b) create priorities according to your needs; and c) establishing essential contract management practice leading to innovation. Many businesses fail to adequately manage the contracts that they enter into and that can pose significant business risk with potential for disastrous consequences. Often, contracts are relegated to a filing cabinet or desk drawer with little to no oversight regarding the contents of the contractual obligations written in the agreement. The initial set up of a contract management system as outlined in this content will ensure that you are able to locate all of your contracts, understand them, manage them, and mitigate risk. Once your system is established, it is easier to operate on contract management principles and best practices while setting the stage for efficiencies, improvements, and other future benefits of operation.

Runtime: 90 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Contract Management Preparation

  • Locate and Gather All of Your Contracts in Order to Form One Repository. Even in the Technology Age, Businesses May Rely on Paper Copies Which May Be Dispersed or Worse, Unknown
  • Classification - Design and Arrange a System for Your Universe of Contracts. Sales Contracts for Revenue, Technology Procurement, Real Estate, and so on
    • Classification Will Set the Stage for Desired Management Going Forward
    • Note Important Aspects of Each Set or Type of Contract and Form Focus on Which Critical Components Require Careful Management
  • Review Your Contracts and Set Alerts for Key Dates, Crucial Obligations, and Risk Avoidance

Manage by Priority Level

  • Business - Collecting Revenue and Fulfilling Your Contractual Obligations
  • Risk Management - Prevent a Breach of Contract. Manage Key Provisions

Innovate Upon Your Successful Implementation

  • Revisit and Fine Tune Existing Management System
  • Research Improvements, CM Software. Smart Contracts. CMaaS
  • Reap Cost Savings by Leveraging Your System and Automating on Process
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 3, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Neal Huffman

Neal Huffman

Huffman Legal Services, LLC

  • Certified Commercial Contracts Manager (CCCM) and Core Registered Paralegal (CRP)
  • Managing member of Huffman Legal Services, LLC, dedicated to helping attorneys with contracts management, administration and contracting
  • Former adjunct faculty in the ABA-approved Paralegal Program at the Community College of Aurora and program advisory committees of other schools
  • Active member in the International Association for Contract and Commercial Management, the National Contract Management Association, and several paralegal and benevolent organizations
  • Continues to pursue best practices in the management, administration and innovation of the contracts management arts
  • Master's degree in professional studies, University of Denver, focusing on business, technology and leadership
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399207
Published 2017
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