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Contract Training
- 1. Contract Management A Legal Perspective
- 2. CONTRACTS Discussion Topics: • Available Tools • Contract Management • Contract Lifecycle Mgmt. • Legal Department Contacts
- 3. CONTRACTS Tools: Various Contract Templates – Nondisclosure, Sales, etc. Contract Insight – Contract Lifecycle Management Software
- 4. CONTRACTS Contracts are: • documents “frozen” at a point in time • representation of the rights and obligations to be delivered over time • the theory of how a relationship should work
- 5. CONTRACTS Contract Managment is the reality of how the theory performs day-to-day Effective contract management: 1. Cuts cycle time and boosts productivity 2. Creates greater visibility into deals 3. Ensures compliance 4. Contract Lifecycle Management (CLM) = bridge that links theory and reality.
- 6. CONTRACTS Contract Lifecycle Management (CLM) is the process by which an organization can strengthen and tap into the value of its contract portfolio in order to shorten the sales cycle and reduce costs.
- 7. CONTRACTS Contract Lifecycle Management: • Structured process to manage contract creation and execution “Cradle to Grave” • User Defined Fields – reports, notices, performance • Ability to managed contract milestones - automated alerts • Workflow, preferably automated, for contract review and approvals
- 8. CONTRACTS -Contract Insight- CLM Lifecycle stages • Requests • Authoring • Negotiation • Approval • Implementation • Obligations management • Amendments • Audits and reporting • Renewal request authoring negotiation approval Implement Obligation mgmt Amend Audit & Report Renewal
- 9. CONTRACTS -Contract Insight- CLM software that • Allows contract tracking • Full lifecycle management • Cloud based • Allows for management of any type of contract, agreement, license, patents, leases, etc. • Contract authoring from user defined templates • Documents and files can be attached • Electronic signatures and E-approvals • Workflow routing
- 10. CONTRACTS -Contract Insight- • Version control • Email alerts, calendar alerts, and assigned tasks • Advanced contract reminders • User and role based permissions – administrator managed • Unlimited user defined fields • Create a “clause library” • User defined searches • Multitudes of Reports
- 11. CONTRACTS Legal Department Contacts Katherine (Kathy) Goble-Smith – Contracts Dan Strunk – Litigation, Product Liability, and Warranty LeaAnn King – General Counsel
Notas del editor
- Hi! How is everyone? I’m Kathy Goble-Smith, part of the legal department at TMHU. Wanted to take a few minutes to share with you some information regarding contracts, introduce you to some new tools we’ve begun implementing and show you our new Contract Lifecycle Management software which will make contracting and management of contracts easier for us all.
- Let’s start with the tools that are available to you. Historically, we’ve used the Customer or Suppliers base documents and modified them for an agreement or contract. While that’s not a bad way to do business, it’s pretty labor intensive and time consuming. The legal department has created some standard templates that we can now use. There are templates for: Nondisclosure Agreements, Sales agreements, Buying agreement, and we’re currently working on a National Account agreement template. Our goal is to put new contracts on Toyota paper from this point forward. Do want to mention that BEFORE ANY proprietary information is shared with a customer or supplier; i.e. pricing, specifications, etc., an NDA needs to be signed. The good news about that is that an NDA is not project, job, or department specific, so once its signed its good for a while, typically 5 to 7 years. Contact me for TMHU’s standard document. Contract Lifecycle Management Software – Contract Insight
- So what are contracts?
- Effective Contract Management reduces the time between inception and implementation of an agreement, thus boosting productivety. Effective Contract Management creates greater visibility throughout the organization into the deal . Effective Contract Management ensures that the parties to the contract are in compliance with the terms through the details of the rights and obligations. Contract Lifecycle Management, CLM, is the bridge between the theory that the contract establishes to the reality of the day in and day out workings of the contract.
- Let’s talk some more about CLM….
- The stages of Contract Lifecycle Management are: