Dan Brecher
Counsel
212-286-0747 dbrecher@sh-law.comFirm Insights
Could You Find a Key Contract in Less than 15 Minutes?
Author: Dan Brecher
Date: July 11, 2014
Key Contacts
Back
If you could not quickly locate an important business agreement, you are not alone. But you could be hurting your company’s bottom line.
A recent survey highlights that many corporate legal departments are struggling to keep up with contract management. Of the 100 legal technology professionals surveyed by Huron Consulting Group, 57 percent expressed concern about their company’s existing contract management procedures.
In many cases, the policies and procedures have failed to keep pace with the number of agreements under management. The survey revealed that 65 percent of the respondents had more than 1,000 active contracts. Yet they are rarely stored in one place.
Below are a few significant findings:
- 75 percent of respondents stated that their contracts were not stored electronically in a single repository.
- 24 percent of those surveyed reported that their agreements were stored electronically in several different places.
- 36 percent stated that their contracts were located in a combination of hard copy and electronic storage.
- 14 percent of respondents admitted that they did not know where their business contracts were stored.
The failure to properly monitor and manage key business contracts can have significant consequences on your bottom line. Examples include failing to exercise a lease renewal or other option provision in time, inadvertently violating the terms of a non-disclosure agreement, or neglecting to enforce a late payment penalty.
The same can be said for failing to regularly review your contract templates and form agreements. Huron Consulting Group found that 40 percent of those surveyed do not conduct an annual contract review.
For specific contract management tips, check out our prior post, “Do Your Business Contracts Need a Spring Cleaning?”
If you have any questions about this post or would like to discuss your company’s contract management and enforcement strategies, please contact me, Dan Brecher, or the Scarinci Hollenbeck attorney with whom you work.
- Locations: Red Bank, NJ, New York City, Washington, D.C., Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
How Understanding Bankruptcy Trends Can Benefit Your Business
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
Author: Brian D. Spector
SEC Takes Actions Against Issuers for Failure to File Form D
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Author: Kenneth C. Oh
Redefining Labor Relations: NLRB's Pivot from Abruzzo’s Memoranda
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.