Risk Of Not Having An Agreement
There are key areas where indirect risks are most likely to arise. Of course, not all possible risks can or should be taken into consideration. The likelihood, practicability and risk-taking of the parties should guide the selection of contractual risks to be addressed. If the other party does not recognize the effects of this risk allocation or is unable to negotiate a more realistic allocation, “our problem” cannot be the opinion of the contract provider. One of the main reasons why legal teams and contract managers invest in contract management software is to reduce the risk of not really understanding what`s in a contract or where the agreement is in their lifecycle. Contract management software greatly improves your transparency in each contract, but also allows you to browse your entire contract portfolio as a whole to identify major trends and potential problem areas. If you find and address these blind spots proactively, instead of being surprised, if they are discovered yourself, you can prevent potential problems from becoming significant threats to your business. Whether you have entered into a written or oral agreement, legal rights may apply. In the case of delivered goods, a buyer may be protected by consumer law and, with regard to a service, our right to consumption gives us certain rights. Below are some of the contractual risks and concerns that can be addressed by implementing the correct contract management software.