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DealManager

When Contracts Become Dependent on Individuals – How to Reduce the Risk

What happens to your company’s contracts when an employee leaves, changes roles or is away for an extended period? In many organisations, important contract information is held by individual employees. Someone knows where a contract is stored, who is responsible for it, when it needs to be renewed or what terms and conditions apply. As long as that person is available, things may work without any problems. But when that person leaves, a risk can quickly arise. When contract information depends on individuals, the business becomes dependent on those individuals too.

DealManager

What is the true cost to manage contracts manually?

Managing a company’s contracts manually may seem simple. You save an agreement in a folder, enter information into Excel, and add key dates to the calendar. But as the number of contracts grows, it quickly becomes more time-consuming—and the risk of mistakes increases. So, what does manual management actually cost? It isn’t just about the cost of the administration itself. Time spent hunting for documents, checking information, sending reminders, and following up on contracts also costs time. Furthermore, a lack of control can lead to missed deadlines, outdated versions, and agreements that aren't followed up on in time.