CONTRACT ADMINISTRATION

The life of a contract continues after it’s signed. You may have documentation requirements afterward, like providing annual insurance certificates, that if not followed may put you in breach of your contract. Monitoring contract performance and key contract dates is essential but this can be time-consuming and require rigorous oversight. On Point can manage your contract administration responsibilities while you focus on ensuring that the commercial relationships you’ve established with your contracts are profitable and in line with business expectations.

Contract Management

Do you know where to find all of your signed contracts and are they organized and easily accessible? There was a time when paper copies of contracts were stored in file cabinets in neatly labeled folders. These days contracts are often stored electronically in a variety of places like on the hard drive of the company’s desktop computers, on network drives, and in employee email. As your contract management solution, On Point will develop and help you implement a contract management process and provide a secure, cloud-based contract archive for your signed contracts and contract templates and a tool for tracking dates for milestones, non-renewal notices, end-of-term, renewals, and other key dates that are important to monitor for your business planning.

Executive Summaries

You paid attention to your contract’s terms as you were negotiating it, but how will you remember the key terms later or whether the contract is being honored by your company or your vendor or customer? It would be handy to have an On Point ready-reference that you can point to later. In addition to essential commercial terms like pricing and quantity, these key terms might include specifications and deliverables lists, forecasting schedules, milestones, minimum service requirements, and warranty expiration dates. Of course, you’ll need to honor any confidentiality commitments you’ve made in your contracts, so we’ll work with you to determine if there are any before you share your contracts with us.

Insurance Certificate Tracking

Some of your contracts will require that you or the other party maintain liability and other insurance. Each year during the term of the contract, you or your supplier or customer may be required to provide written proof of the required insurance. Tracking these requirements and reviewing the proof of insurance certificates requires an understanding of the contract’s requirements and attention to detail that not everyone has. On Point representatives have these skills and can help you meet your contract requirements and ensure that your vendors and customers are meeting theirs.

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