Accupoint Software

  • Home
  • QHSE Software
    • API Spec Q1 QMS Software
    • API Spec Q2 QMS Software
    • ISO 29001 QMS Software
    • ISO QHSE Software
    • Renewable Energy QHSE Software
    • Field Service Software
    • PSM Software
  • QHSE Services
    • Consulting
    • Support Services
    • Mobile App Services
  • Pricing
  • About Us
    • Company
    • Partner Programs
    • Contact Us
  • Resources
    • Blog
    • Videos
    • Client Resources
  • Home
  • QHSE Software
    • API Spec Q1 QMS Software
    • API Spec Q2 QMS Software
    • ISO 29001 QMS Software
    • ISO QHSE Software
    • Renewable Energy QHSE Software
    • Field Service Software
    • PSM Software
  • QHSE Services
    • Consulting
    • Support Services
    • Mobile App Services
  • Pricing
  • About Us
    • Company
    • Partner Programs
    • Contact Us
  • Resources
    • Blog
    • Videos
    • Client Resources

Best Practices for Contract Review

4/3/2017

 
Contract management and review are important, and often neglected disciplines. According to research done by the independent International Association for Contract & Commercial Management, good contract management practices could improve profit by 9% of annual revenue. Contracts can leak, costing money through outdated pricing, or misunderstandings and breakdowns in communication that lead to losses. 

Contract review is the process for determining customer requirements prior to the supply of a product, and proof that the organization has the ability to meet the defined requirements. Contract review should be part of your company's business management. Attention must be paid to the requirements related to products, supply and management of information. Your company will determine the specific needs of the customer including delivery and post-delivery activities, such as warranty and maintenance services. You also need to consider requirements that are not explicitly stated by the customer, but are still necessary. You need to know any regulatory requirements that apply to the product.

Before your company commits to a contact or order, or any changes to existing contracts you need to consider several factors including:

  • Clear and defined product requirements.
  • Contract terms, especially anything that is changing from a previous agreement.
  • Your company's ability to maintain the agreement including records of the review and actions taken in response to the review.
  • If no documentation of requirements in provided by the customer your company needs to outline them.
  • When requirements are changed documentation, needs to be updated and any relevant personnel must be informed.
  • In some situations, a formal review is not practical, but product information should still be looked at.

Communication is also critical to success. You will need to determine effective means of communication in relation to product information, contracts, order handling, feedback and complaints. This is all part of your customer relations management processes and determining customer requirements. If contract review is ever done offsite, you need to link the activities to your on-site quality management system.

You must conduct risk analysis before committing to a contract. Consider whether taking on additional obligations will affect your supply chain, for example. Manufacturing risk analysis will help you assess your ability to effectively provide the specified product. Do you have the resources needed to fulfill the obligations? Can you meet timing demands? Are there additional developments costs and investments? Look at potential failures in processes, including suppliers. Is there solid potential for increased profits? Considering all of these factors will allow you to enter into contracts that are efficient and effective, which is good for your bottom line.

For more information on how Accupoint can help improve your contact review process, contact us today.


Comments are closed.

    Archives

    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    August 2021
    July 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013


Accupoint Software Links

Oil and Gas QMS SoLUTIONS

  • InterLink  | API Specification Q1 Software
  • SAM | API Specification Q2 Software
  • Acurx | ISO 29001 QMS Software​
  • OpX | Process Safety Management Software

Renewable ENERGY QMS SoLUTION

  • Energia | Renewable Energy QHSE Software

Manufacturing QHSE SoLUTION

  • OpLink | Integrated ISO QMS Software

Workflow Management SOLUTIONS​

  • UpStream | Field Service Management Software
  • MPX | Mobile Application Development
Vertical Divider
About Us
​Accupoint Software is a global provider of innovative software solutions to the oil and energy industry.  Our integrated compliance software expands operational awareness, improves efficiency and manages complex regulatory and customer requirements.

Contact Us
API Spec Q1 and API Spec Q2 Quality Management Software
Sales, Technical Inquiries and Customer Support:
| 800.563.6250
​| websupport@accupointsoftware.net
Oil & Gas Software, Consulting, Training and Documentation​

Copyright © 2023.  Accupoint Software.  API Spec Q1, API Spec Q2, ISO 9001 and ISO 29001 Quality Management Software for the Oil and Energy Industry.