Effectively review & monitor contracts that need cancelling

Managing contract renewals is an intricate and challenging process, requiring you to understand if the organisation still obtains value for money from the contracted products or services.

If the contract is not terminated prior to the cancellation date your company may still be financially obligated to the supplier. Failing to effectively manage contracts and renewals can directly impact the company's bottom line.

One financial company we recently spoke to had spent over half a million pounds on IT contracts it no longer required!

Contracts had been renewed automatically each year, simply because the company failed to notice they were due for renewal and did not cancel them in time.

Framework provides email notifications for all important milestones such as contract review and cancellation dates, ensuring that there is sufficient time to review and potentially cancel the contract in time, and avoid unnecessary payments.

The easy to use reporting facilities within Framework ensure that dynamic reports can be easily created and emailed internally, providing clear and timely reports, and most importantly that critical business decisions are based on both up-to-date and accurate information.

In Conclusion

When it comes to increasing corporate process efficiency and control, implementing a contract management solution provides accurate, reliable and timely information of an organisation’s contractual obligations.

Framework will reduce the time spent to review and renegotiate a contract by drastically reducing paper chasing time and ensuring contract and supplier information is immediately available.

"Framework has given us excellent visibility into all of our contracts, plus ensures physical security of the actual contracts. This allows us stay on top of renewal and cancellation deadlines, gain procurement leverage, and put us in control of the entire contract lifecycle."