There are many contract lifecycle management software solutions in the market. We offer something different; we intend to protect the Board:
- We start by focusing on what does the Board want to know? Answer, nothing unless it is going wrong then everything. We provide a dashboard showing reality in realtime with the ability to click through to an item if it goes Red, for example, and see everything to do with that escalation.
- We are agnostic about systems; we will look at your software stack and suggest how you can achieve the visibility you need with what you have got.
- We aim to make the working relationship of a large complex contract more effective by the parties sharing one version of the truth.
- We are prepared to take some of our payment on results, that is how sure we are in our approach.
What does the Toolkit consist of:
- Obligation register we break the contract down into metadata. We then crowdsource the obligation checking, so the most appropriate person is checking the clause irrespective of which organisation employees them. One version of the truth in realtime for you and your supplier/customer.
- Change Control register is a simple log that enables the Board to see where they are with Change Controls. It comes into its own, for example, at the end of the year when they can see how many proposals are out for approval and which ones could deliver before the end of the year. They could decide to offer a 5% discounts to get those over the line and into this year’s numbers, for example. When looked at across the organisation questions are created, why is x client rejecting so many change controls? Should they raise the issue at their next executive meeting?
- Claims and Disputes register we record and monitor all Disputes and Claims and their progress to resolution. Enabling Management to make strategic decisions where they seek good relations as a new major bid is coming up. It ensures there are no surprises, and nothing is overlooked.
- Goodwill register very useful for recording those little extras one does in a relationship for each other. We have seen examples of 30% of the contract value been given away as goodwill to a client. One client receiving £28 million of goodwill in a year.
- Q & A Log when you sign a contract, there are often questions over the interpretation of a clause or task. A decision is made, and people proceed on that basis, something happens, and the analysis changes. This log seeks to capture these points, agree with the parties the meaning and log them. Thus subsequently in any future confirmed copies of the contract, the interpretation can be included.
- A Calendar of Events to ensure nothing is missed for example a rate increase. We have seen examples of the team not knowing that a rate increase was allowed under the contract as that was in the T&C’s and they only read the schedules. That cost the client £1m as the Customer would allow them to claim it going forward but not in retrospect. Where calendars are aggregated, it helps plan work.
- Issues log you had a negotiation plan, and you got most of what you wanted but not x,y and z. Quite often people forget such items, we don’t, we put them on the issues log and in future negotiations seek to include them.