Contract Administration explained

Contract administrators are often in charge of any task involving contract oversight. This comprises:  Before an agreement is finalised: Requesting, drafting, negotiating, receiving approvals, and signing  Once a contract is executed: tracking of storage, renewal, and expiration What is contract administration? Contract administration is the process of planning, creating, implementing, and ensuring that a contract …

Contract negotiation strategies essential for your business

One of the most important phases in the lifespan of a contract is negotiation. At this point, the parties engage in conversation, negotiate key provisions of the contract, and ultimately come to an agreement that will benefit both parties in their business partnership. The parties also establish their responsibilities and make plans for any risks …

Key Steps in the Contract Lifecycle Management Process

As a result, contract management needs to be extremely efficient and effective. It must first make sure that all contract parties are satisfied with the arrangements. Then, it must ensure that these business-related contractual connections not only endure but also are profitable, ensuring that the company reaps the greatest potential financial rewards from each and …

Why contract management is critical to SOX Compliance?

The Sarbanes-Oxley Act, or SOX, was signed 20 years ago. After over 20 years, substantial financial and auditing standards for publicly traded firms have been established by this federal law, and for many businesses, compliance with SOX is not only required by law but also a smart move. Section 404 is one of the more …

What occurs after the expiration of the 99 years lease term for land?

There are two categories of residential or commercial property: freehold properties and leasehold properties. Unlike leasehold property, which is typically leased for 99 years starting from the time the property is built, freehold property is self-explanatory—it is “free from hold” of any authority other than the owner for an endless period. Leasing is one way …