Agreement On Compliance
– Develop or control the availability of standard contract templates and monitor compliance with rules The final step in the contract compliance process is to manage them while remaining compliant. Deliver your end of contract in accordance with the contractual conditions, in accordance with contract law and public order. Companies need to consolidate contracts across the company. One of the main objectives of public procurement experts should be to fill procedural gaps and ensure the visibility of all contractual and non-contractual expenditure. Top-class companies save up to 80% more than others through a clearly defined contractual compliance process. (Source: Aberdeen Research) So when we talk about compliance, we have to define their role – and the responsibilities of „compliance managers“ – very carefully. When I was recently asked about the job role, I tried to develop a general description: if expectations are not clear, if roles are foggy, or if communication is not effective, your company may not arrive or violate the contract. Much of the clarity on roles is also an in-depth contract management structure. A standardized contract management process minimizes non-compliance. This process can include many factors, one of which should include the development of boilerplate models and languages for use by staff. Maintaining updated templates saves legal departments time because they can spend less time creating contracts. Templates and setting parameters to determine when a team can make changes to templates give employees greater bargaining autonomy. If you don`t properly manage your contracts based on compliance, you can embrace the chance to extend goodbye.
Here are seven best practices to ensure contract compliance. . . .