Using Framework you can store all of your contracts online, in a secure central repository. You can then schedule email reminders for those really important tasks; contract reviews, renegotiating rates, reviewing automatic renewals, milestones dates, to name just a few.
When are your contract reviews?
• The legal team need to check the terms and conditions are still appropriate,
• The procurement team need to check different payment options,
• Rates need to be renegotiated,
• Automatic renewal dates can’t be missed!
As soon as the contract is signed these important tasks can be scheduled and emails automatically sent reminding when tasks must be started and when the tasks are due to be completed. Tasks can be assigned to you, or delegated to members in your team or other departments within your business. You can even add the KPI’s of each of your contracts so frequent checks can be carried out to make sure that project timeframes are realised, quality levels are consistent and service levels are achieved.
You can also generate reports within Framework to review the progress of all tasks that have been completed and those that are outstanding.
What is the RAG status of your suppliers?
Do you know what Dun and Bradstreet rating your suppliers have and is it being maintained?
Are all of your supplier insurances up to date and still relevant?
Are your Escrow agreements still relevant?
Are ISO security standards still being met?
It’s not just your contract reviews that you can be proactive about. You can use Framework to review your actual suppliers and mitigate any risks that may arise. All of this may sound like a lot of reminders for you to action, so why not send your reminders to your suppliers directly; remind them to send through their important ISO certification when they receive their annual review.