Do You Know Where Your Gold Is?
October 6th, 2010 by Darrin Poole
Ok, let me explain. Every company has some nuggets of gold in their contracts but they probably don’t know about them. In the past, it was really difficult to track and report on these terms (so most companies did not even try to identify their contractual gold and just gave up…I don’t blame them, as I would too), but now things have changed. Because of the advent of contract life cycle management software, your gold can found, tracked and reported on.
So what are some examples:
- future pricing/discounts,
- unusual/non-standard indemnities,
- unusual contractual commitments,
- exclusivity terms,
- revenue recognition risks,
- ….ask people at your company because I bet you have them.
If you think about it, each industry–and maybe each company–has certain contractual terms that have real value (maybe by avoiding a problem) if they could be managed. So give it some thought, because I bet you there is gold in them hills (a.k.a. mounds of paper).
Jeremy Aber
