Todays post is from Ronald D. Southard, CEO at SafeSourcing Inc.
Many large companies have law departments and at least as many don’t. Most small companies don’t either. Which company is in better position to review and evaluate existing contracts?
The answer is neither or maybe both. The first important question for each type of company is who is actually evaluating the contracts, and just because they have a law degree does not mean that contract evaluation is a specific skill set this individual may possess. This author strongly recommends choosing who will provide this function within your company or as a service and then make absolutely sure that they have the skill set required to do the job and stay up to date.
There are any number of contract management certificate programs available from prestigious and well know institutions. To name a few, there is Villanova University, The University of California Irvine and St. Louis University. In addition there are organizations that also offer this type of training. Probably the most well know is, the National Contract Management Association or NCMA that has been around for over 50 years.
Many of these organizations offer on line courses that can be completed within a reasonable period of time. Many of the University and College courses are actually accredited as well as affiliated with NCMA.
Once you have resources that are certified, provide them with the tools they need to do their job. All companies have 100’s if not 1000’s of contracts and most do not have a contract management solution. These solutions today are available via the cloud in Software as a Service model for very little investment. You can buy what you need when you need it. Most of good providers will also assist with evaluating your existing contracts in order to create your Meta data and populate your contract database.
SafeSourcing offers a cloud based Software as a Service contract management solution called SafeContract™ which is supported by these types of services.
Please contact a SafeSourcing customer services representative in order to learn more.
We look forward to and appreciate your comments.