Contract Life Cycle Management - 13 Excel templates
Originally published: 15/03/2023 09:06
Publication number: ELQ-72483-1
View all versions & Certificate
certified

Contract Life Cycle Management - 13 Excel templates

Recording your company's any contract details in predefined standard excel templates.

Description
This excel template consists of the following - 


1 Contract Inventory
2 Confidential info Register
3 Contract Change Log
4 Disputes Log
5 Events Calendar
6 IP Rights Register
7 Issues Log
8 Lessons Learned Register
9 Loaned Items Register
10 Contract Management Plan
11 Obligations Compliance Log
12 Outstanding Matters Summary
13 Risk Register


Companies that opt for contract templates tend to enjoy many benefits, from quicker contract creation to happier and more satisfied shareholders. Investing in contract templates can also drive a positive return on investment for many businesses because departments that use contracts for their day-to-day activities can focus on more critical business functions while dealing with high-value contracts.
However, online legal templates can have some disadvantages, especially if business owners and employees misuse them. Picking just any online contract template may result in legal or financial disputes. And some templates may also be outdated, incorrect, or unsuitable for your industry.
By strategically using contract templates, the process of contract management can be streamlined, further increasing customer satisfaction and promoting corporate efficiency.


1. Reduces time to draft contracts
Centralizing your contracts with templates means you don’t have to draft contracts from scratch each time. Instead, you can use a standard contract template to enter into business agreements with various parties.
In the long run, using contract templates speeds up the contracting process, meaning contract creation takes hours instead of days or weeks.
Standardization also reduces revision time because there’s no need to waste time revising each contract. Instead, you can use the templates repeatedly according to your business needs.


2. Reduces redline rate
Contract redlining mainly occurs during the contract negotiation phase, which is when all involved parties revise a contract with terms that satisfy their specific business needs. As a result, the process can take even longer when the parties cannot agree on a set of terms.
With standardized contract templates, parties don’t draft contracts from scratch. Predefined contracts for different roles and stakeholders make the editing and negotiation process smoother. In turn, businesses that opt to use contract templates enjoy redline solutions that make it easier to track and modify changes. Decision-makers and project stakeholders can comfortably draft contracts that meet everyone’s needs.


3. Reduces transaction costs
The need for custom contracts for every business agreement can significantly increase the cost of the contracting process. With standardized contracts, there’s no need to create custom contracts for every business agreement.
For example, rather than redline contracts for every new customer that signs on to, say, Netflix, the Legal team would organize the contracts so that the high-volume, low-value agreements are automated, and the high-value agreements get the focus they need.
Contract templates can also reduce legal costs, as every contract is created more efficiently. Using a defined structure can reduce external counsel spending because you don’t need Legal to review every contract. Instead, with contract templates, Legal can spend more time on high-value contracts.


4. Provides consistency in contracts
It is easier to meddle with the contract terms in the traditional, hard-copy contracting process. Such actions can damage the reputation of a business or employer. And customers may end up signing unfair contracts that don’t serve their best interests.
Standard form contract templates offer consistency in the contracting process, preventing stakeholders from changing contracts without notifying all parties.
Contract templates create consistency by facilitating constant form and structure, making it easier for your team to quickly find essential aspects within a template. You can easily update the terms of standard contracts to meet emerging business or customer needs.


5. Increases flexibility
Contract templates enable teams in HR, Legal, Procurement, Finance, and Operations to modify the content of templates to suit their business needs. Being able to use similar templates for different clients ensures seamless business operations. Teams can scale up their contracting processes by modifying terms to match their current business needs.

This Best Practice includes
Excel Templates to Record all contract details

Acquire business license for $9.00

Add to cart

Add to bookmarks

Discuss

Further information

1 Record basic details of all contracts within your business
2 Identify all Confidential Information disclosed by each party to a contract, to allow compliance with end-of-contract return or destruction obligations
3 Record summary details of every change made to every contract, to allow Contract Management workload analysis and contract volatility tracking
4 Record details of all formally notified disputes, their progress and any resolution details, to allow relationship volatility tracking
5 Record details of all date-driven contract events and associated supporting events, to allow Contract Management workload planning and monitoring
6 Identify all pre-existing IP to be used and any new IP to be assigned under a contract, to allow Legal workload planning
7 Record details of all contract-related issues, their progress and any resolution details, to allow contract and relationship volatility tracking
8 Record details of every lesson learned from various situations during the course of business, to provide guidance for the future
9 Identify all items loaned by one party to the other during the term of a contract, to ensure the return of those items when due, or payment of any compensation otherwise
10 Record the key high-level activities planned for managing a contract, to allow Contract Management workload planning
11 Identify each party's individual and joint contract obligations and rights, to allow Contract Management workload planning and monitoring
12 Identify all contract matters to be addressed post-execution, to allow Contract Management workload planning and contract finalization
13 Identify and rank every potential risk for a contract and associated mitigation strategies, to allow periodic risk profile review and any mitigation adjustments


5.0 / 5 (1 votes)

please wait...