CONTRACT MANAGEMENT SOLUTIONS

Our contract management service strives for a streamlined approach through a bifurcated arrangement.

Operations

Draft n Craft’s process of authoring, reviewing, negotiating, and executing contracts involves several critical stages, each essential for ensuring that contracts are comprehensive, fair, and legally binding. Below is an overview of each stage:

• Contract Administration and Archival: We manage and monitor contracts to ensure all parties fulfil their contractual obligations right from ensuring that the terms and conditions of the contract are implemented as agreed, to coordinating with relevant departments (e.g., finance, procurement, legal) to execute the contract. We conduct periodic performance review by using Key Performance Indicators (KPIs) to measure performance and identify areas for improvement. We also handle amendments, variations, or change orders to the contract as needed, and address and resolve any disputes or issues that arise during the contract term. Storing completed or terminated contracts and related documents for future reference and compliance purposes in a centralized, secure repository to ensure easy access and retrieval, further implementing access controls to restrict unauthorized access to sensitive contract information. These contracts/documents are well catalogued and indexed to facilitate quick and efficient search and retrieval. To keep a check on the stored documents, Draft n Craft implements data backup and recovery procedures to protect contract information from loss or damage.
• Authoring Contracts: We utilize and customize standardized templates to ensure consistency and compliance with organizational policies and legal standards. We further draft clear and precise clauses covering essential terms.
• Reviewing Contracts: Draft n Craft’s review involves a detailed examination of the contract to identify potential issues and ensures it meets the necessary standards by conducting a thorough legal review to ensure the contract is enforceable and complies with applicable laws, assesses potential risks associated with the contract terms, including financial, operational, and compliance risks, by mostly evaluating the effectiveness and fairness of key clauses, such as payment terms, liability limits, and performance metrics and ensuring all critical aspects of the contractual arrangement are adequately covered.
• Negotiating Contracts: Preparing a strategy, including identifying priorities, acceptable trade-offs, fallback positions, and gathering necessary data and documentation to support negotiation points. We ensure all internal stakeholders are aligned on negotiation objectives and authorized limits before engaging in discussions with the counterparty to reach a mutually acceptable agreement.
• Executing Contracts: Conducting a final review of the contract to ensure all negotiated terms are accurately reflected and then coordinating the signing of the contract by authorized representatives from all parties.
• Renewal Management: Draft n Craft proactively manages contract renewals to ensure continuity and optimize contract terms.

Advisory

• Process Review and Redesign: Draft n Craft’s Process review and redesign evaluates existing contract management processes, by identifying inefficiencies or gaps as well as analyzing potential risks and recommending improvements to optimize performance and compliance in the process of assessing current performance metrics and key performance indicators (KPIs) to understand process effectiveness. We review and recommend the integration of industry best practices into the contract management processes by suggesting the use of standardized templates, checklists, and workflows, and also assist in the development and execution of a change management plan to ensure smooth implementation of new processes.
• Template Creation Standardization: Template creation standardization plays a crucial advisory role in the contract management process by establishing consistency, efficiency, and compliance across an organization’s contracting activities.
• Playbook Creation: Draft n Craft’s Playbook creation ensures uniformity in contract management practices across the organization, enhances efficiency by streamlining contract creation, review, negotiation, and execution processes, mitigating risks and serving as a training resource for employees.
• Contract Abstraction and Summarization: Draft n Craft’s experience in Contract abstraction and summarization stage enables improved accessibility and usability for quick reference and a centralized storage of information, enhanced understanding and effective communication, identifying key obligations and risks, and streamlining the process for efficient contract management.
• Gap and Risk Analysis: Our advisory team identifies potential risks in contracts before they become issues, thus allowing for the development of strategies to mitigate identified risks, reducing the likelihood of negative outcomes.
• Contract Novation: Our Contract novation process allows for the seamless transfer of contractual obligations and rights from one party to another.

Technology

• Consultations on Technology platforms, workflow management systems, AI-enhanced tools: Consultations on technology platforms, workflow management systems, and AI-enhanced tools for contract management services focus on identifying the most suitable solutions to meet an organization's specific needs and goals. Draft n Craft excels in evaluating the organization's current contract management processes, pain points, and goals, assess various contract management platforms and evaluate the platform’s ability to be customized to fit the organization’s specific needs.