The first step in a successful CLM process is understanding your needs and the negotiables and non-negotiables for your business. We will assess your contract management requirements as well as organize and abstract all existing contracts. We will review and summarize the contracts and provide you with a risk audit report.
Our team will capture past provisions and accepted clauses to develop clause libraries and a negotiation playbook. This allows your company to maintain a steady stance and consistent position on non-negotiable clauses as well as providing fallback positions for more negotiable clauses when warranted. This contract review process helps clients mitigate risk and speed up contract signings.
Our team of contract administrators will draft and redline contracts as well as negotiate contract terms based on your playbook. In addition, we will coordinate necessary approvals, obtain signatures, and prepare executive summaries of new contracts. Employing consistent rules from the playbook to the negotiation process not only helps improve contract turn around times, but also ensures consistency.
After contract negotiations have taken place and contracts have been signed, it is vital for you to manage contracts and any risk contained therein. Our contract administrators employ leading contract management processes to organize and monitor your contracts to mitigate compliance and financial risks due to missed requirements or renewal dates. Our experienced team of contract administrators will help manage claims and disputes, provide contract reporting and dashboards, manage alerts and notifications, termination notices, and winding down procedures.
Our contract paralegals have 10+ years managing contracts across many different industries and markets.
Virtual Paralegal Services™ provides services nationwide with numerous supporting office locations.