They way in which you construct your agreements and specify your requirements is equally as important as how you proactively manage the negotiated terms. Contract lifecycle management begins with a good specification.

I keep six honest serving men,(they taught me all I knew); Their names are What and Why and When, And How and Where and Who – Rudyard Kipling.

Rudyard Kipling wrote the above text at the beginning of last century and hit on one of the most critical factors for successful contract lifecycle management. Whatever method of contracting you choose, and in what industry or discipline, the above remains true. If you get the specification right, then successfully managing the contract will be far easier than if you do not.

It is worth the extra effort in the sourcing stage to ensure your specification is focused on the ongoing successful management of the contract.

Dont base your relationship on general conditions, draft your legal document using the specification as a guide, and make it outcomes based. This will give you a far more usable document with clear guides and control mechanisms that can be utilised to proactively manage the contract.

Contract lifecycle management software will help to streamline your contract management. But remember to get the specification right.