In this edition of Ask General Counsel, General Counsel, PC, a law firm in McLean that since 2004 has been representing businesses, nonprofit entities and individuals throughout the Washington area, discusses the importance of having a contract management solution – and offers its clients a solution for free.
What is contract management? Contract management is the process and procedures used to track contract deadlines, notice requirements and other key terms and conditions.
Why is contract management important? Without a system, it is likely that key contract terms will be neglected or missed. For example, most contracts have termination provisions that provide that the contract will renew for an additional term unless, at least 90 days prior to termination, notice is provided of intent to terminate. If these dates are not tracked, it is likely that this notice requirement will be missed, and the contract will renew for an additional term. This could result in significant (unwanted and unnecessary) cost and/or liability.
What contract management solutions are available? There are many solutions, ranging from self-created spreadsheets and calendar deadlines to expensive software solutions. After years of seeing our law firm clients without strong contract management solutions, we researched available options and choose ContractWorks as a solution to offer to our clients.
Free contract management solution for General Counsel clients. A contract management solution is only valuable if utilized. Further, for many small businesses, the cost of a contract management solution would be price prohibitive (many solutions start at an annual cost of $10,000 or more). However, General Counsel is offering ContractWorks free to its clients as an integrated component of our legal services to help clients to organize, search and track key contract details, stay ahead of obligations and never miss renewals or termination deadlines.
General Counsel has been helping clients draft, revise, negotiate and, when necessary, litigate contracts since 2004. We believe that by offering ContractWorks free of charge to our clients, it will help our attorneys better serve our clients and, most importantly, will help our clients take control of their contracts. Whether a business or nonprofit entity, having better insight into your contracts and tracking key terms and deadlines will provide an advantage, resulting in cost savings.
If you are an existing General Counsel client, you will be receiving information on how to start using ContractWorks. If you are not a current client but are interested in learning about our firm and using ContractWorks, contact Merritt Green, General Counsel’s founder and managing partner, at [email protected].
About General Counsel PC: Founded in 2004, General Counsel PC represents businesses, nonprofit entities and individuals throughout the DC Metro area (and beyond). We have six (6) primary practice areas to best serve our clients: (1) Business; (2) Employment; (3) Dispute Resolution / Litigation; (4) Government Contracts; (5) Estate Planning / Probate; and (6) Family Law / Divorce. For additional information, please visit our website, https://www.generalcounsellaw.com, or email us at [email protected] or [email protected].