Questions and Answers
What is the primary purpose of contract management?
To extract maximum value from contracts while remaining compliant with regulations
What determines the overall success of a business?
The strength of its contract management process
What is the benefit of building standardized and collaborative contract management processes?
It gets all stakeholders working in the same way
What is the result of effective contract management?
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What is the main purpose of having a clear process for contract initiation?
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What is the scope of contract management activities?
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What is the primary focus of contract managers during the contract negotiation stage?
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What is the purpose of the execution stage in the contract lifecycle?
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Why is it important to have a strong contract management process?
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Why is the start-up stage of the contract lifecycle often overlooked?
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What is the primary benefit of regular contract monitoring?
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What is a common mistake businesses make during contract renewals?
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What is the importance of having a clear line of sight into all contract renewals?
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What is the purpose of the close-out stage in the contract lifecycle?
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What is the main benefit of applying contract management principles throughout the contract lifecycle?
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How many stages are typically involved in the contract lifecycle?
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What is the primary benefit of collaboration across all teams in contract management?
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Why is it essential to build an auditable history of contract actions?
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What is a potential risk of not having a clear ownership of contract renewals?
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What is the benefit of using CLM software to automate the renewal process?
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Why is it essential to integrate CLM software with existing tech stacks?
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What is the primary benefit of using contract management software?
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Why is it important to have a clear understanding of who is responsible for which part of a contract's lifecycle?
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What can happen if a contract owner leaves the business and nobody else picks up the monitoring?
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What can spot-checking individual contract records periodically from different areas of the business provide?
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Why is it important to capture every action taken against a contract and provide a timestamp, name, and date?
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What is a major drawback of manual contract management?
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Why is data security a priority in contract management?
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What is the estimated cost of poor contract management?
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What is the purpose of Contract Lifecycle Management (CLM) software?
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Why should businesses prioritize improving their contract management approach?
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What is a key benefit of automating contract management processes?
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What can be a barrier to implementing a contract management solution?
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What is a characteristic of successful contract management?
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What can be a consequence of poor contract management?
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Why is it essential to choose the right Contract Lifecycle Management software?
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What does effective contract lifecycle management provide?
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What is the result of managing contracts in a silo?
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What is the purpose of integrating CLM with VLM and TPRM?
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What is the limitation of managing contracts via Excel or shared drives and emails?
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What are the pillars of effective contract management?
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What is the importance of a central contract repository?
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What is the limitation of having gaps in contract management?
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What is the importance of including the entire organisation in contract management?
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What is the benefit of implementing contract management processes?
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What is the importance of aligning people, processes, and technology around managing contracts?
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