Digital contract management is a systematic, process-driven software solution for creating, processing, monitoring and evaluating contracts.
DOCM - Digital Object and Contract Management
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DOCM - Digital Object and Contract Management
A centralization of the object and contract management with the archiving of all contract information in a relational database is crucial for the compliance with legal obligations, both for you and for other parties and thus represents the database / basis for your compliance process.
A modern contract management should guarantee a centralization of all company contracts for all relevant groups with regard to the completeness of the information and its evaluation. It should guarantee the confidentiality of the information related to the company parts / departments.
The contractual framework is structured in individual, framework and consortium or project contracts. Individual contracts are concluded for a specific contract object; they can be concluded for a limited or unlimited period. An outline agreement is a scheduling agreement that defines the terms of delivery between the supplier and the customer. Consortium or project contracts are concluded for the realization of larger projects, usually construction or infrastructure measures.
According to the Gartner Group, 60% of all supplier contracts automatically renew without the buyer's knowledge, mainly because the buyer fails to terminate the contract. Even more astonishing is the fact that 50% of the contracts are renewed several times without the buyer's knowledge (Forbes, Gardner group).
According to the Gartner Group, 60% of all supplier contracts automatically renew without the buyer's knowledge, mainly because the buyer fails to terminate the contract. Even more astonishing is the fact that 50% of the contracts are renewed several times without the buyer's knowledge (Forbes, Gardner group).
A laissez-faire attitude towards contract management can have serious financial consequences, as automatic contract renewals often involve more expensive terms and late terminations can lead to litigation and damage. Contracts are not documents to "sign and file", they are rather living documents that are subject to real events / changes.
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