Legal Contract Management is the process of controlling and managing your organization’s contracts, ensuring they are legally compliant, up-to-date, and accurate. It involves the proactive evaluation of current contracts, identifying contract risks and associated mitigation strategies, drafting new contracts efficiently and cost-effectively, establishing compliance protocols, and coordinating contract execution, tracking, and storage. In short – it’s the key to protecting your business from risk while capitalizing on opportunities. Get it right and you stand to reduce costs while maximizing efficiency and profits. Fail to tightly manage your contracts and you may end up paying out more in fees and penalties than you bargained for. Put simply, effective Legal Contract Management creates a win-win situation for everyone involved.