Murphy’s Law of Contract Management

Murphy's law broadly states that, given a chance, anything that can go wrong will go wrong. When it comes to managing contracts, it is vital that companies have effective procedures to ensure they are not exposed to Murphy’s law of contract management.

1. If a contract can be lost, it will be lost
2. What you don’t know, will cost your company a lot of money
3. Unfavourable contracts surface the day after they auto renew
4. Favourable contracts surface the day after they auto cancel
5. Accurate supplier invoices will be reconciled against contracts, inaccurate ones won’t

These points highlight examples of the risks and pitfalls of trying to manage contracts manually.

Framework will minimise these risks and deliver significant benefits and savings to your company:

Central Repository - Framework provides a single repository and managed, secure access to all contract and supplier information. Scanned and electronic documents can be centrally stored and a quick search facility means that information can be easily located.

Effective Contract Renewals - Framework sends email notification of important milestone dates such as contract review or cancellation dates, ensuring sufficient time to review and potentially cancel the contract avoiding unnecessary payments. Notes can be stored on contract reviews and negotiations, significantly reducing the time spent managing contract renewals.

Track Performance & Risks - Contract and supplier performance and risk information can be easily tracked in Framework, improving the value for money from your contracts and suppliers whilst ensuring compliance and mitigating risks.

Reduce Spend - Framework will forecast contract costs based on what you agreed so received invoices can be easily reconciled online against contracts. Flexible and intuitive reporting also provides accurate and up-to-date spend reporting.
 

P.S – Ever wondered how Mr. Murphy died?
One dark evening (in the US), Mr. Murphy's car ran out of gas. As he hitchhiked to a gas station, while facing traffic and wearing white, a British tourist who was driving on the wrong side of the road struck him from behind...

To learn more about Framework and the benefits you could gain through automated contact management visit: www.framework-software.com or call 01522 881300