Contract Management Services
Many companies fail to properly manage contracts once they have been signed, resulting in lost revenue, penalties, and added costs. VPS’s ongoing contract administration services allow close monitoring of existing contracts to ensure notice deadlines aren’t missed, obligations are being performed, and contract provisions are being acted upon. In addition, VPS assists with claims and dispute management, reporting, alerts and notifications, obligation management, and termination notices and transition services.
Having VPS manage any claims or disputes gives the client peace of mind in knowing that the same partner which negotiated the contracts can address claims and disputes over the contractual content. Oftentimes, claims and disputes can be a distraction to the business and take time to resolve, having VPS manage these issues allows the client to stay focused on the business.
VPS’s contract reporting keeps clients in the know, answering important questions such as: How much are active contracts worth? How much revenue is represented by contracts under negotiation? or How much contract revenue is expiring in the next ninety days? These questions are answered by VPS’s contract management services.
VPS also alerts and notifies clients about contract issues or changes, notifying the business partners of expiring contracts or requirements. Similarly, VPS undertakes the task of obligation management, assuring adherence to necessary obligations under the agreement such as providing certificates of insurance.
When a contract winds down or is terminated, VPS also manages the process of ensuring the contract termination provisions are adhered to. This tricky process of termination or transition needs careful attention to avoid disputes between parties. VPS provides the necessary support to ensure that its client is neither asked for too much nor given too little.