Negotiating Contracts – The Devil is in the Details (Part 1)

Negotiating Contracts – The Devil is in the Details (Part 1)

Creating a contract is a complex exercise that now includes more departments, and as a result, more people to participate in the process. Delivering a speech at the annual meeting of the IACCM, CEO Tim Cummins pointed out that given the massive growth in the length and complexity of contracts, research shows that 88% of business users can’t understand their own contracts.

How Your Contract Review and Approval Process Can Improve Your Bottom Line

How Your Contract Review and Approval Process Can Improve Your Bottom Line

A recent study showed that 64% of companies say their contract approval process is causing deals to stall. If that is a sales agreement, is it possible that the delay impacts the current month, quarter or year because it slips past the target date? Does the delay result in a rush to close the deal before month / quarter / year end that may impact the potential profitability of the deal? If the agreement is to buy goods or services, is that delay impacting the ability of the company to expand capacity, have the required supplies to fill orders, delaying the deployment of critical systems that are expected to reduce costs and improve efficiency?