Many companies lack a formal process for contract administration. Many others have a contract process which is in need of updating or improvement. This program session will review the lifecycle of contracts and highlight ways to develop and improve a company’s formalized contracting process. This session will emphasize practical tips that can be used to implement a contract management system and enforce up-to-date contracting policies, including who should be responsible for running the process, how contracts should be routed within the organization, signing authority, electronic contract management systems, monitoring contract compliance, and record retention.
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