subject: Approaching Contract Management and Early Case Assessment Solutions [print this page] Purchase orders, service agreements, specifications and licenses represent a few of the contractual obligations a company or firm of any size enters into on a daily or even more frequent basis. In fact, since the birth of the business, contracts came to represent the binding language by which two parties could enter into an agreement to conduct business. And along with this growth, legal statutes and rules have increased the complexity of contracts, thereby influencing businesses to develop unique processes to create and manage contracts. Selecting a Contract Management System can enable a company to gain a greater level of visibility and control of its contracts, its inception, its lifecycle and post execution. These systems offer ample reporting so that management and contract managers can make decisions on the state of any contract or the performance of contracts in general. Contract Management applications also offer flexible workflows so that companies can fit the software to their business processes, such as a companys approval and review process. Because Contract Management Systems store information electronically, it becomes important for companies to protect and manage this information in the event of a legal action. Electronically stored information or ESI can be discoverable if a contract or other item in dispute is requested during a legal action. Because the majority of cases are settled before a trial occurs, Early Case Assessment solutions are valuable for firms to manage the information collected during a pre-trial discovery. Early Case Assessment Solutions include features that collect information on all items assembled during discovery and their release to external parties. This may include such areas as testimony, witness recordings, professional services, electronic documents and much more. The software will also manage the disclosures: who, what, where and when. The value to the company is the management of risk and leveraging the case information during the discovery to avoid costs and move the case to an early settlement (avoiding a lengthy trial). Managing so many resources, both internal and external, and their billing information can be simplified with the implementation of an e billing solution. E billing software manages all of the accounts receivable costs of contractors, lawyers and other resources billed by a company or firm. The software will allow management and staff to report on activities and control costs. Managers can set limits and be informed when these limits are exceeded and thereby better manage customer expectations. The e billing software also allows customers to receive their invoices and easily make their payments online.
Approaching Contract Management and Early Case Assessment Solutions
By: Groshan Fabiola
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