Commercial Contracting  Why commercial contracts are difficult to manage For enterprise companies with various departments churning out contracts—HR has lots of employment contracts, and Procurement has purchase agreements—managing these contracts manually can become a hassle. If your organization does not have efficient contract management software in place to handle your contracts, managing commercial contracts will be challenging because: Contracts are stored in separate systems Some organizations still store contracts in file cabinets, while some have moved to cloud storage. However, they still present similar challenges. Contracts are stored in separate systems, and accessing contract data takes lots of time. There is also no efficient way of tracking contracts to ensure that parties comply with their contractual obligations and avoid missing critical contract deadlines, like renewal CIPS L4M3 Exam Dumps date. Isolated process When contracts are in silos, there is no means of gathering intelligence from different contracts that will aid future contracting. Although every contract is distinct, there may be a recurring trend that slows down contracts. For instance, a purchase agreement is a Procurement department contract, but Legal and Finance may need to approve the contract before it can be sent out. Lack of transparency Although some commercial contracts are within the domain of specific departments, other departments may also need to be involved. 

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