Did you know that 5 out of 10 ventures are currently struggling with how to keep their contracts up to date and in compliance with the state’s laws? Not only this, but according to a study conducted by World Commerce and Contracting, a poor contract process could lead to a 9.2% loss in the gross revenue. That’s why more and more ventures are now shifting their focus towards enriching their contract renewal process, keeping it in accordance with the latest guidelines and amendments.

But is that so easy?

Believe it or not, reviewing a business contract is a nerve-wracking process. This is especially true for a venture that relies on contracts for smooth functioning. After all, contracts are the foundation of every business. They define your legal rights, responsibilities, and obligations and can affect your business relationship.

Therefore, make sure that you make every effort to upscale this in 2022 and strengthen the foundation of your venture. And that’s precisely what we are going to talk about in this article.

Read on to learn more about how to refresh and renew your contract renewal in 2022.

Access your current contract management process

According to industry experts, the end-to-end contract management process functions the best when it is designed around the lifecycle of the agreements. Before you even consider implementing the changes, it is always recommended to give a thorough check to your current contract management process.

Take a quick look at the clauses and previously agreed-upon terms and conditions. Such steps will help you get a clear picture of the contracts and analyze potential loopholes. Furthermore, it will redirect your approach, helping you work on the gray areas.

Get familiar with the contract renewal process

Once you’ve identified the loopholes, it is now time to integrate a full-fledged contract renewal plan. Here are some steps that can help you get through the process seamlessly.

Record all important dates and names centrally

One of the prominent causes of renewing a contract is to increase its official validity or close it out. Once you’ve determined the length of the contract, make sure you use a centralized register or database to record such important dates.
Negotiating renewed terms

Another major reason for integrating a process is to refresh the clauses and terms and conditions. From stakeholders and customers to vendors and management, you may have to revise all the terms and conditions to draft the new contract.

According to a recent survey, price is one of the most negotiated terms for contracts. For instance, you may have to discuss with your vendors or stakeholders to negotiate the selling price. The only thing you need to keep in mind while negotiating the new price range is to have a clear picture of whether you want to raise or adjust the current price range.

Focus on contract compliance

Contract compliance plays an important role in drafting the contract management strategy. And why not? It focuses on ensuring conformance with regulatory requirements and obligations. The primary role of this is to ensure that all the involved parties are following through with the agreements legally.

How can we at Aeren LPO help upscale your Contract Renewal Process in 2022?

Our end-to-end contract management process has helped ventures renew and refresh their contracts for the past few decades. Our team of well-trained strategists has years of experience that can help with tailored solutions and upscale your contract renewal process.

We, at Aeren LPO, can help you redefine your workflows, standardize processes and create a harmonious working environment for your team. Furthermore, allowing us to handle tedious and monotonous administrative tasks would help your team brush off the extra stress and focus on core tasks.

Here’s how associating with us can help you manage the contract renewal process in 2022.

Our team can analyze, extract and upload contract metadata into a desired format and database.
Receive instant notifications regarding any potential changes.
Identify potential loopholes and make necessary amendments.

Therefore, if you are looking forward to taking your process to the next level in 2022, we can be your helping hand. Visit our website https://www.aerenlpo.com/ to connect with us and let us handle the rest.