The obligations that go unmanaged are the ones that produce disputes.
Esshaki Legal Media TeamCurrent as of February 2023
Most contract problems are administration failures rather than drafting
failures.
A repository. Every executed agreement, with amendments, in one searchable
place with the signed version identified. Businesses regularly litigate about
which version governs because no one can find the last amendment.
Extracted terms. Key dates and obligations captured at signature: term,
renewal and non-renewal notice deadlines, price adjustment dates, reporting
obligations, insurance requirements, and audit rights.
Auto-renewal calendar. Notice deadlines diaried with enough lead time to
decide. Contracts renew unnoticed more often than any other single failure.
Obligation ownership. Each substantive obligation assigned to a named
function, because contracts are performed by people who did not negotiate them.
Change control. A rule that amendments are in writing and signed by
authorized persons, and that course of dealing variations are documented. Emails
agreeing to a variation are amendments in substance whether or not anyone
intended that.
Performance records. Deliveries, acceptances, service levels, notices given
and received. These are the evidence in any later dispute.
Renewal review. A short assessment before each renewal — is this still the
right deal, and are both sides performing — which is the cheapest risk control
available.