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Contract Management

The procurement management software inorder enables the users a comprehensive contract management of their supplier contracts.

The inorder eProcurement solution enables users to manage their supplier contracts comprehensively. This includes:

  • Contract controlling
  • Contract management
  • Contract archiving

This contract management is a complex task, but it is also the basis for efficient procurement.

Importance of contract management

For purchasing, it is about the conclusion and processing of supplier contracts. Compliance guidelines and general statutory provisions must be observed. Contracts should be drawn up in such a way that they enable controlling to actively assess risks. They also have to withstand a revision. A targeted contract management permanently improves the audit capabilities of the existing contracts, the transparency and the legal protection for all contracting parties. Without a sophisticated contract management, there are risks such as the (unwanted) violation of compliance, law and statute, a lack of transparency, inadequate security with regard to future deliveries, missed deadlines, a lack of liability description and thus increased liability risks as well as balance sheet and auditing uncertainty.

Contract controlling

The contract controlling actively evaluates the risks of a contract. Some relevant questions need to be examined:

  • What volume should be bought?
  • How high are the corresponding purchase obligations?
  • How much revenue does a certain contractual partner (supplier) generate per quarter or year?
  • What is the financial value of existing contracts?
  • When do contracts expire? Are there any renewal options?
  • Are there special risks (loss of service, unexpected price increases) or opportunities (options for price reductions or volume discounts) with a supplier?
  • Is the contract balance sheet and audit-proof?

Contract-relevant planning options are also interesting. Contract controlling regularly focuses on possible advance payment and installment payment agreements as well as their interest.

Contract management

Good contract management optimizes the contract. In order to manage contracts, those responsible need metadata on the contract-relevant information (core content, contracting parties). This and the detailed information must be well structured. Relevant contract processes that precede a contract and accompany it later are also mapped. These are:

  • Examination of offers
  • Contract negotiation and preparation
  • Document reviews, contract structures
  • Approval processes
  • Contract fulfillment, controlling and archiving

Responsibilities and contractual partners must of course be clearly recorded as part of contract management. The legal and company law requirements should also be noted.

Contract archiving

The third component of contract management is contract archiving. It must be structured in such a way that the contracts are available long-term, unchangeable and audit-proof. Nowadays it works digitally, inorder offers a secure and legally compliant solution for this. The metadata, the full text of the contract, the terms and conditions, protocols, draft contracts and images must be archived. Contracts can be significantly optimized with electronic archiving. In practice, a lot of information is associated with any contract, usually in the form of draft notes on which the contract negotiations are based. It is digitally easy to archive this information, which is mainly available as e-mail. The inorder eProcurement solution includes complete contract management and seamlessly maps the archiving process described above.

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