Contract Management: What is it and why does your business need it?
In order to save on the bottom line, many companies often sacrifice on the front end by avoiding attorneys’ fees when it comes to their contracts, both small and large. For small companies, it may not seem worth it to invest the time or money into having an attorney review a contract for small amounts of money, especially if the company does not have a working relationship with a firm.
Contracts are one of the biggest legal and monetary risks to any company. Having an attorney working with companies to manage and review their contracts can save the company time, money and reduce legal risk in the near and long term. For example, recently a medium-sized real estate company failed to renew within the 60 day window on its property lease. The leasing agent recognized the opportunity and the company paid for its contract oversight by having to re-negotiate its lease at substantially increased rent or suffer the loss of losing a premium location. Having an experienced law firm review contracts and maintain a database of obligations saves businesses the risk of losing track and allows businesses to take advantage of new legal technology available through law firms.
Whether it’s vendor contracts, sales contracts, employment agreements or property agreements, always have a qualified attorney review your contract and explain your rights, limitations, obligations and remedies. If you have questions about your contracts and review and management process, please contact Erin Conroy at the Fremstad Law Firm.
