In most organizations, once a contract has been negotiated\nand signed, it will be handed off to someone else to manage. A smooth handoff\nbetween contract administration and contract management [insert link to blog\npost about differences between contract administration and contract management]\nis critical for the success of your business. \n\n\n\n\nWhat is Contract\nHandover?\n\n\n\nContract handoff is the period of time when both the\ncontract administrator who negotiated the contract and oversaw the drafting of\nthe agreement, and the contract manager who will be responsible for the\nimplementation and monitoring of compliance issues are both overseeing the\ndeal.\n\n\n\nIt is the responsibility of the contract manager to make\nsure the handoff process takes place as efficiently as possible. \n\n\n\nThis time of overlap doesn\u2019t need to be very long, but it\ndoes need to be long enough for the contract manager to familiarize themselves\nwith the terms of the agreement and to ask any questions about the negotiations\nthat may be relevant to the performance of the contract.\n\n\n\nOnce the handoff period is over, the contract manager will\nbe solely responsible for the management of the contract. \n\n\n\nOrganize Contracts\n\n\n\nTypically, a contract manager will be overseeing the\nperformance of several contracts at one time. There may be hundreds, or even thousands,\nof active contracts at any one time.\n\n\n\nThe only way to handle so many different contracts is to\nhave a strict\norganizational system. Every final contract needs to be filed in a central\nlocation. Ideally, digital copies of the contracts will be on a server managed\nby powerful software. \n\n\n\nAll employees engaged in any step of the contracting process\nneeds to understand the organization system for contracts. \n\n\n\nPart of the handoff involves placing the final contract into the central contract depository from wherever it was stored during negotiations. The right contract software can do this with a simple click. \n\n\n\nNever lose a contract again! Work more effectively, increase your revenue, centralize & secure your contracts. Available anywhere, anytime & on any device.Get your Free Demo today! \n\n\n\nContract Tags\n\n\n\nYou will want to assign the right tags to every contract to\nmake it easier to find them later. Contract tags may include things such as the\nname of the other party, the type of contract, the length of the contract, and\nthe sector of the business affected by the agreement. \n\n\n\nUsing the wrong tag or failing to put in a relevant tag may\nmake it harder for someone to find the contract when they need it. \n\n\n\nTags also make it easier to monitor a large number of\ncontracts to use KPIs to track performance. \n\n\n\nMemorialize Handover\nProcess \n\n\n\nThe only way to have an efficient contract handover process\nis to make sure the process is written down. This will allow you to make sure\nthe same steps are followed every time and will also make it easier to scale\ncontract handovers as the company grows and more contracts are entered into.\n\n\n\nYou should also memorialize each individual handover\nprocess. This helps make sure nothing is skipped. \n\n\n\nThis document should be circulated among everyone who had responsibilities\nrelating to the negotiation and drafting of the contract as well anyone who\nwill be responsible for the management or implementation of the agreement. This\nsimple step helps make sure nothing falls through the cracks and keeps everyone\non the same page moving forward.