As per research report of International Association for Contract and Commercial Management there is 9.2% revenue loss every year on account of poor contracts management
Generally, most of companies will be having upto 10% as bad debts
There is need that the poor contracts management to be shifted to good contracts management
Pre-contract reviews! Understand Terms and Conditions Risks! Negotiate for reasonable Terms and Conditions! Breaches by both party and the penalties to be paid by such defaulting Party fairly for the actual loss that other party incurs
Detailed micro understanding on the scope of work is very much required at the time of executing the agreement
Post Contracts Management required appropriate correspondence to ensure that the default of either party is being established and to obtain reasonable damages only for the actual losses incurred by other party and operate suspension and termination clauses in the reasonable time
These correspondence supports for claim submission, dispute invocation and during the litigation stage
Justacontract.com is always at your service by providing necessary support in Pre-Contracts Support and Post Contracts Management support.