The client's contract management process was unable to keep pace with its dynamic business model which was fueled by inorganic growth. The client needed support for ongoing contract management, including review and administration, and support during migration to a new contract management platform.
We partnered with the client to address the client's contract management needs, which involved two types of engagement:
- On-going contract management support, including review and administration
- Support for migration to a new contract management platform
Under the on-going contract review and administration services (for North America and EMEA) we:
- Defined the size and structure of the Nexdigm contract management team to provide contract review and administrative support
- Created playbooks with contract review guidelines and fall-back language for different types of agreements and provisions
- Created a standard multi-party NDA template
- Prepared guidelines to capture meta-data
- Recommended a process to link child agreements with relevant master agreements
- Recommended a standard process for storing wet-signed contracts.
Under the support for migration to a new contract management platform, we:
- Conducted a User Acceptance Testing and suggested improvements to meet the client's requirements
- Provided user training and hyper-care support for the rollout of the new platform
- Prepared user guides and manuals
The centralized contract review team of Nexdigm helped reduce turnaround times for high volume contracts with low to medium complexity. The team managed contract administration, which helped eliminate inconsistencies and inaccuracies.
We helped implement and manage a contract management process, including contract review guidelines, templates for certain contract types, extraction guidelines for metadata, and contract archival. The new process helped bring structure, standardization, and method to the client's contract lifecycle management.
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