Tips for Getting the Most From Your Contracts -- Are You Getting What You Bargained For?

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Too often, after a contract is negotiated, it is simply put in a file cabinet and never looked at again. This article discusses the importance of a regular contract review process to maximize the likelihood that negotiated benefits are realized and to properly manage contract performance. Such a process demands that all contracts be maintained in a central location (or in a centralized database)and are subjected to a regular review process. The regular review should examine whether appropriate price adjustments and discounts have been given, whether invoices are correctly reflecting agreed pricing,whether key dates have been certain actions (such as renewal or cancellation) have been diaried, whether promised insurance has been provided and whether all key terms are being met. It is also a good time to start the process of considering whether the contract is meeting your needs and, if neccesary, to plan for future changes to the contract relationship or to seek alternative suppliers.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Paul White | Attorney Advertising

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