Contract Lifecycle Management

The different stages of a contract’s lifecycle include:

Initiation & Drafting

While a formal contract can be invaluable if legal remedies must be pursued, it can also help avoid simple disputes earlier, making for a better experience for you and your customer. A simple set of standard terms and conditions on your proposals and quotes or a more formal contract will show your clients that you run a professional organization which could be the difference-maker between you and your competitors. The Guidry Group can develop a standard template for your business to use with your clients to protect your interests while addressing common scenarios specific to your business. You can quickly move from a proposal to a signed contract with a standard contract template. A standard template will also reduce costs as you can use it repeatedly with no additional cost to you. Additional fees will only apply if you engage Guidry Group to update the agreement or negotiate the terms with your client.

Contract Review & Negotiation

You should never sign a document without reviewing it first. Virtually all agreements are negotiable. Contracts are often written with only the other side’s interests in mind. They don’t understand your business and the issues that may arise. Guidry Group can ensure that everyone is on the same page and your interests are protected.

Execution

It should be relatively easy to have your contract signed thanks to electronic signature services. Electronic signatures take days or hours, not weeks or months. The Guidry Group can set up your business to handle electronic signatures or handle it for you.

Amendments & Renewals

Often, amendments are a much smoother process for you and your clients. Things change. Is the contract about to expire, but is everyone happy with the agreement? Do you have new services to provide? Is it time to update your rates? Have you experienced an issue with a client and want to protect against having the same problem again with that client or all of your clients? You don’t have to draft an entirely new agreement. The Guidry Group can help you address these issues by preparing a simple amendment to your existing agreement.

Interpretation & Dispute Resolution

Contracts can be confusing. Essential items can be hidden. The Guidry Group can go through all of the provisions in your contracts so that you can understand all of them. If the relationship has gone sour, the Guidry Group can review your agreement and help resolve disputes before a lawsuit is necessary. The Guidry Group has years of experience settling disagreements between businesses while striving to maintain working relationships in the future.

Termination

Whether good or bad, all contracts must end at some point. Even when the relationship is good, there are times when an agreement has reached the end of its useful life. Some contracts have specific terms that must be followed to end the relationship formally. A phone call or email may not be enough to cancel a contract. If you wait too long, the contract may automatically renew and obligate you to continue working with someone on terms that no longer work for you. Contracts usually specify how a contract termination is delivered, to whom it must be paid, and the delivery timeframe.

The Guidry Group can advise you on the types of formal contracts you need, such as:

• general terms and conditions
• master service agreements
• non-disclosure or confidentiality agreements
• purchase agreements
• office, land or equipment leases
• business acquisition agreements
• partnership or operating agreements
• website disclaimers
• employment contracts
• general sales and supplier agreements

Your business should capture essential details for every business transaction in writing, whether your transaction fits into one of these categories or not. The Guidry Group can manage the entire contract lifecycle for your business.