When it comes time to conduct a contract audit — and the contract is nowhere in sight — most people panic. While this is an understandable feeling, it is preventable and there are solutions. The best step is to catch it before the problem escalates by implementing regular internal contract audit projects. Here are three basic steps you can take when there’s a missing contract:
1. Gather all team members.
If possible, call an emergency meeting to discuss which contract you are specifically searching for. If a team meeting isn’t possible, send an email or call those you know worked with the contract. Ask them to remember when they last worked on it and where they remember seeing it last.
As you address team members, try to remain calm. Take a deep breath. Then explain the urgency of finding the contract, but don’t incite panic. It will only create confusion and chaos as staff scramble to find it. Rally the team, and upon locating the contract, devise a plan to prevent a similar situation in the future.
2. Search paper and digital files.
File cabinets remain a common sight in many offices. So check files and messy desktops for possible paper copies of the contract. If no paper copies are found, ask your IT department to help you conduct a computer search. Check sent email folders to see if the file was emailed to someone internally. And lastly, check the copying machine. Did someone make a copy and leave it in the copier? The case of your missing contract could result in a solution as easy as that. The documents may also be in old archives, email inboxes, and compressed storage drives.
3. Contact the other company for a copy of the missing contract.
This is often the last resort when your internal searches are unsuccessful. Admitting to the other company that you are unable to find a copy of the contract may not leave them with a very good impression. On the other hand, chances are they too have missed place a contract at some point and may ask you for a copy. To remain professional and to prevent embarrassment, consider investing in contract management software for your business.
4. Invest in ContraxAware.
Once you find the missing contract, take steps to ensure one never goes missing again. Investing in contract management software, like that of ContraxAware is your best option for securing and managing contracts in one place. The advanced features of ContraxAware include the ability to:
As a collaborative tool for your contract management, ContraxAware reduces the risk of losing important contracts. The easy to use dashboard makes it simple for team members to use to find contracts, make changes, alert others to changes, and more. ContraxAware can save you time by eliminating frantic searches for important documents.
The time spent searching for a missing contract is a time your business can never recover. It not only upsets the workflow, but it is also a strong indicator that your business needs a better file management system.
At ContraxAware, our leaders have software development and legal experience. We understand the issues that can arise when you lose a contract. That’s why we developed ContraxAware as a contract management system for business, no matter their size.
Your daily work life is stressful enough without the sudden crisis of a missing contract. Streamlining your contract into a centralized system can prevent the unwelcome adrenaline rush of a missing contract. It can also prevent you from having to make an embarrassing call to the other company.
At ContraxAware, we’ve made contract management software simple. From document templates to easy search tools, there’s a feature for every member of your team. Special features include restricted access, built-in alerts, and the ability to see updates to contract audit reports.
Breathe easier with ContraxAware for your contract management. Our software is 100 percent cloud-based. Also, we provide walkthroughs and online training. Using easy on-screen instructions, you can learn at your own pace, following step-by-step. More advanced subscription plans include one-one internet training.
Once you use ContraxAware, you and your team will wonder how you ever lived without it. Contracts are too important for your business to take lightly — or to lose. Such important documents should not float freely around your office in paper form. The risk of landing in the hand of a competitor or a disgruntled employee is too great.
Treat all your professional contracts with the same respect you treat your business partners. ContraxAware makes the contract management system process easy and safe. To learn more about how ContraxAware can help your business, contact us online today or call us at (800) 460-9052.
No business is too small or too large to implement ContraxAware for their team. So take control of your contract management by reaching out to us today. Ask how you can try ContraxAware for free.