Contract management simplifies and clarifies contract creation, approval and storage. Tools include contract templates and approved clauses, automated approval flow (with escalation when required), and streamlined storage and publication of supplier contracts. Contracts lay the groundwork for selling, purchasing, licensing, partnering, and countless other business functions. Almost all business activities and commercial relationships are governed by contracts. These are becoming increasingly complicated both from a legal perspective and also with respect to the content conditions, financial constraints, logistics and ever more demanding quality standards. Insufficient attention to contract management generates unnecessary risk. Within many companies contract management us often underestimated or even completely ignored. The harsh reality us that such negligence is usually noticed only when it is already too late and the ensuing consequences could indeed be fatal to a company’s financial well-being. Ineffective contract reviews and control can generate huge losses for any business. The legal risk arises in Contract Creation and Management include failing to: Contractually protect against unforeseen risk Take legal advice specific to an issue, location and market Ascertain the likely enforceability and interpretation of contracts Assess regulatory application and likely consequences Secure and protect existing rights Financial risk such as market, liquidity, credit and operational Internal Business risks Contractual Allocation of Risks Ascertain and assess: Unenforceability of rights Litigation risks Infringement of existing rights of others Creation of a legal relationship by operation of law Existing legal claims and proceeding The opportunities that arise in the Contract Creation of Management: A significant opportunity for law departments to exhibit leadership in...