The Originating Unit Representative drives the contract review and management process. Rather, they are intended to serve as a tool providing practical advice and references for the busy in-house practitioner and other readers. By Alan Gutterman, Founder and Principal of Gutterman Law & Business and the Blogger behind the Business Counselor BlogTM. Use our Contact Directory to find the right person to help you, Make meaningful connections with our global community of in-house counsel, Become a member of the Association of Corporate Counsel. What is Contract Management? By using the site, you consent to the placement of these cookies. However, in-house counsel do sometimes become heavily involved in negotiation of business issues and to have a great deal of input into the strategy goals and objectives of a particular contractual arrangement. However, overall administration of the contract is necessary for a good process of contract management. This is also the time to give special consideration to the actual and potential impact on the company's existing obligations and business relationships. Managers inside your company will typically be responsible for identifying and resolving all of the business and risk management issues associated with the contract and the underlying relationship between the parties. However, the Representative must contact/ involve legal counsel in the negotiation process to ensure that the contract … Appropriate representatives of the company should be interviewed to determine how the relationship has evolved and what, if any, commitments may have already been made by the parties. This is also the time for you to make sure that the files relating to the transaction that have been opened during the process described above are organized so that they can be easily accessed in the future should questions arise. In this multi-jurisdictional guide, in-house counsel will be provided with a comprehensive legal analysis of the laws and regulation of gambling. Once the contract has been signed and the work has begun then things can relax. Working with company representatives, you should establish a plan for ongoing review of the performance of each of the parties under the terms of the contract, at least in those cases where the contract is long-term and calls for continuous performance over an extended period of time. While businesspeople often dismiss contract preparation as "lawyer's work" that has little or nothing to do with the important aspects of the working relationship between the contractual parties, contracting is actually one of the crucial activities in determining the success of any business arrangement. You'll eventually develop your own checklist that you can refer to as time goes by; however, when you are first starting out we recommend that you consider each of the following "Top 10 Steps for Effective Contract Management": We cannot overemphasize the importance of determining your role in the contracting process and the level of active involvement that you may have in negotiations relating to the contract. Working with the appropriate representatives of the company, you should identify the steps that need to be taken in order to comply with the requirements of any contract review and signature authority policies and procedures that have been established by the company. Taking into account discussions with company representatives regarding your role, you should participate in the negotiation of the essential terms of each contract and, if appropriate and useful, prepare a term sheet or letter of understanding to be sure that the parties are in agreement regarding the essential terms before time and effort is spent on contract preparation.
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