Where is that Contract?!?

January 11th, 2016

Recently, I was working with a client on creating a Request for Information....

 

Today’s post is written by Heather Powell, Director of the Customer Focus Team & Project Manager at SafeSourcing Inc.

Recently, I was working with a client on creating a Request for Information for a project and was requested to include a particular supplier. When I inquired why they were to be included, the answer was because we have always done business with them. Ok.  When I asked for the latest copy of their contract, I was met with silence and then an unsure answer of IF there was a contract and WHERE the contact is.

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Within a few days I was sent a correspondence with an attachment.  The e-mail apologized for the delay in responding to my request and that the contract took days to find as it was in the computer of a past employee. Once it was found, the contract had expired in 2002!

All because they have “always done business with them” mentality:

  •  The contract became outdated.
  •  It was stored in one computer that no one had access – the employee no longer worked for the company and IT had to retrieve it from the hard drive.
  •  The supplier was charging them prices that had doubled and tripled over time.

Ask yourself and ask those you hold responsible:

  •  Where are my contracts?
  •  Are they current?
  •  How do I know when the contract is set to expire?
  •  Who has access to them?
  •  Are they electronic copies or paper copies?
  •  How do I avoid all of the issues above?

SafeSourcing has the solution for you!

SafeContract™ is a tool that companies can use to automate and improve their contract flow by electronically capturing their company’s contracts and contract details.

By implementing SafeContract™, companies can improve their contract cycles, standardize processes, reduce administrative costs, improve contract compliance, and increase the effectiveness of negotiations.

SafeContract™ provides financial, role, and organization security, as well as supporting regulatory compliance. It makes contract creation, contract activation, and contract compliance safe and easy to access and use.

SafeSourcing can assist you in exploring your contract management procedures for your business or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

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