Contract Administration Analyze Organization
Virtual Paralegal Services (VPS) provides its clients with a fully managed Contract Lifecycle Management (CLM) solution. This comprehensive and efficient service centralizes contract management processes with a single partner. VPS manages contracts through the entire contract lifecycle.
VPS SERVICES include:
Analyze and Organize
The first step in any successful CLM process is fully understanding the client’s needs and their business. VPS takes this commitment very seriously and starts by assessing the business requirements for contract management, reporting, and tracking. Once these goals are established, VPS abstracts all existing contracts that the client may have in their possession. Using the information gathered from the contract abstract, VPS develops and maintains a contract database for the business, analyzing any trends from past or present contracts.
During the abstract process, VPS creates and provides an audit report covering potential issues and gaps within the contract data such as unsigned agreements, improper contract approvals, expired contracts, missed notices, and several other risks based on the business. These audits help clients fully understand the risk potential within their contracts and allow them to develop a remediation plan to resolve those risks. In addition, the audit process uncovers inconsistencies in clauses and provisions from contract to contract, allowing clients to correct playbooks in order to ensure consistency going forward. As part of the process, VPS also helps clients identify negotiable and non-negotiable clauses. In defining these clauses, the playbook begins to shape future negotiations and serve as a guide to ensure contracts don’t expose the client to unnecessary risk and liability.
As the contract playbook develops, the clause libraries allow the client to create levels of negotiation, maintaining a steady stance and position for key provisions, but also providing acceptable alternatives or fallback positions to be proposed to the other party during the course of negotiations.
Analyzing and organizing existing contracts is a core component to VPS’s contract management services, serving as the foundation to a more effective and efficient contract management process.