Outsource Contract Management Services
Contracts that are well-crafted typically outline the responsibilities, compensation, and risks involved. However, the mere existence of these terms does not guarantee compliance without a monitoring process. In many cases, businesses lack the necessary resources to verify compliance, which often leads to non-compliance after experiencing financial loss or other damages.
To mitigate such risks, proactive third-party contract management can detect critical compliance issues or confusing contract terms before they affect earnings or jeopardize crucial supplier relationships.
AWARD-WINNING OUTSOURCING COMPANY
An efficient contract management process means your contracts are centrally located, organized, secure, and easy to report. Individuals tasked with contract management must be able to locate files quickly, understand how the contract serves the organization, and identify strategies that help the business run more efficiently.
OBS offers complete procurement and contract management services. Our contract management methodology focuses on creating value by improving contract performance and reducing cycle time. We manage all aspects of contracts, including quoting, creation, negotiation, administration, and maintenance.
Get a FREE QUOTE!
OBS is a reliable contract management outsourcing company with an in-house team of lawyers who have sufficient experience, required qualifications, and expertise in providing various legal services, including contract management services.
We make contracts for clients based on the standard document model and are flexible to change the forms in special situations according to your needs. We draft contracts and provide efficient services that are accurate and flawless.
People Love Working With Us
Contract Management Services We Offer
The purpose of drafting an agreement is to ensure that both parties are aware of the terms of the contract. Drafting a contract is the gradual addition of provisions, requirements, and conditions that are formulated according to the needs and wishes of the contracting parties.
When preparing the draft, various things must be considered, such as the object of the contract, the objects to be created, the amount of the fee, compensation, and conflict resolution. We assist in regularly drafting, analyzing, and managing a significant amount of contracts.
We ensure that the contracts are fair to both parties, and at the same time, we respect the interests of our clients when drafting them. To promote a smooth workflow, contracts are drafted that reflect the purpose and business relationship of the parties. Our paralegals draft contracts that are comprehensive and easy to understand. A few of the contract drafting tasks we do are as follows
- Standard templates
- Distinct variables associated with each contract
- Analyzing your drafts
- Preparation of standard templates
- Finding out the variables related to each contract
- Developing a checklist of clauses
We help clients around the world make contract review a central part of their business negotiations. This enables our clients to fully understand the nature of the contract, from receipt to execution, before putting pen to paper.
In our business practice, we have a deep understanding of organizational risks, the likelihood of operational impact, and stakeholder responsibilities, and we constantly strive to provide our clients with the means to avoid such contractual disputes. A contract review paralegal works with contracts and does everything from creating and reviewing documents to negotiating contract terms with other parties. Contracts are reviewed in four general stages:
- Contract drafting: a specific contract is drawn up either with a template or with a lawyer.
- Review of the contract: The paralegal checks the preliminary contract draft.
- Contract negotiation: If you have an employment contract, you can negotiate possible changes with other parties (and vice versa).
- Signing the contract: After all parties to the contract have understood and agreed to the terms of the contract, everyone signs the contract.
Management of contracts
Contract management is the process of managing contracts from their creation to performance by the designated party and eventual termination of the contract. Key features include performance analysis based on contract terms to maximize operational and financial results and identify and mitigate financial and reputational risks arising from non-compliance with contract terms.
It includes the reviews, analyses, and other actions that help maintain contracts throughout the contract lifecycle. Many may first think of contract drafting, negotiation, and signing as the critical stages of contract management, but contract management is the work that begins after the contract is signed.
Contract Management Services is a solution designed to facilitate the regulation, compliance, and reporting required to keep thousands of contracts running. These services run a wide range of costs and complexity, but some of the key features that our effective contract management provides include:
- Secure storage -It allows you to easily store all your contracts (and preferably more so the system can grow with your business). Cloud-based storage systems with secure servers are common.
- Electronic signature – It makes the signing process quick and easy. Electronic signatures also improve the transparency and visibility of the signing process, so you know who signed the contract and when.
- Security measures– It is important to keep sensitive documents in the right hands. These may include user authentication, digital watermarks, administrative capabilities to limit user access, and more.
- Reminders and reporting of the contracts – Instead of tracking update dates and manually creating reports, users should be able to use alerts to remind them of upcoming milestones.
- Advanced and/or customizable search options – it is easy to find and compare documents with such services. Contract management services help identify potential bottlenecks or other issues from a high-level perspective. Ideally, these services are available early enough to allow management to make the tactical decisions needed to prevent problems, rather than correcting them after they occur.
The Contract Management Process We Follow
Outsource Contract Management Services
Benefits of Contract Management Outsourcing
- Qualified Team
- Tailored Plans
- Security guaranteed
- Saving Extra charges
- Dedicated Supervisor
- Easy enrollment Process
- No Setup cost
- Adaptive work hours
The process of supervising and managing contracts for a business during their entire lifecycle, from creation through renewal or termination, is referred to as contract management. To ensure compliance with the terms and conditions of the agreement, this includes managing all contractual duties, including evaluating, developing, negotiating, executing, monitoring, and enforcing contracts.
Contract management outsourcing is the practice of entrusting a third-party source with the management of a company’s contracts. This is giving an outside service provider charge of managing every facet of the contract lifecycle, from inception to termination, the obligation of overseeing and managing contracts. This can involve checking for compliance with the terms and conditions of contracts through review, drafting, negotiation, execution, monitoring, and enforcement.
The following are the four key elements of contract management:
- Contract creation: Drafting and negotiating a contract between two or more parties, including establishing the terms and conditions, scope, deliverables, obligations, and responsibilities of each party, constitutes the development of a contract.
- Contract execution: Contract execution entails the signature of the agreement by all parties, assuring that all terms and conditions have been understood and approved, and obtaining all required approvals.
- Contract administration: In order to ensure compliance with the terms and conditions of the agreement, track and manage deliverables, and manage any changes or revisions to the contract, contract administration entails continuing management and monitoring of the contract during its entire existence.
- Contract closeout: The formal termination or conclusion of the contract, including verification that all obligations have been met, all deliverables have been received, and all required paperwork has been completed and filed, is known as contract closeout.
The six key steps of the contract management process are:
- Contract initiation: This process entails determining the initial requirement for a contract, specifying the work’s scope, picking the right kind of contract, and locating possible vendors or suppliers.
- Contract planning: This entails designing a strategy for the contract, establishing a timeframe, identifying the main players, and establishing performance measures, among other tasks.
- Execution of the contract: This procedure entails the actual drafting and signing of the agreement, as well as the negotiation of its terms and conditions, receiving the required approvals, and ensuring that all parties are aware of and accept its provisions.
- Contract monitoring: This procedure entails continuing to check on the contract to make sure that everyone is carrying out their responsibilities, that all deliverables are delivered on schedule, and that any problems or disagreements are dealt with right away.
- Contract changes: Changes and amendments to the contract are managed here. This includes negotiating changes to the terms and conditions, revising the contract materials, and making sure that all parties accept the changes.
- Contract closeout: The formal termination or conclusion of the contract is accomplished through the contract closeout process, which also comprises making sure that all contractual responsibilities have been met, all deliverables have been received, and all required paperwork has been completed and filed.
Several factors lead businesses to outsource contract management services, including:
- Expertise: Contract management firms have specialized knowledge and experience in legal requirements, regulatory compliance, and best practices for contract management.
- Cost Savings: Contract management services might be cheaper to outsource than to hire people internally because there is no need for new office space, equipment, or employee benefits.
- Flexibility: Contract management services can be scaled up or down according to the demands of the business, enabling enterprises to adjust to shifting market conditions and demand.
- Increased efficiency: By outsourcing contract administration, businesses can reorganize their procedures, enhance teamwork and communication, and spend less time and money managing contracts.
- Reduced risk: Contract management firms can assist businesses in identifying and mitigating risks, including those related to data security, legal and regulatory compliance, and financial hazards.
- Improved focus: By outsourcing contract management functions, businesses can free up internal resources and concentrate on their core operations and long-term objectives.
Outsource Contract Management Services for US Firms
OBS provides online outsourced contract management services to USA firms. If you require contract management services in New York, Texas, California, San Francisco, Washington DC, Las Vegas, Chicago, Houston, Illinois, Florida, Ohio, Oregon, Nevada, San Jose, Dallas, New Mexico, Massachusetts, Boston, Portland, Pennsylvania, New Jersey, New Hampshire, Phoenix, Arizona, San Antonio, San Diego or other parts of the US or any other state in the US, you can outsource the contract management service for your business with us.