A much overlooked aspect of Compliance Management is the area of Business Agreements. Requiring inputs from multiple departments and affecting others such as finance, legal, marketing, and operations, even a minor mistiming can prove an expensive oversight. FastTrack.net handles all aspects of Business Agreements including: Panel Agreements Joint Venture Supplier Agreements Banking & Securities Confidentiality Agreements Licences Service Level Contracts Contract deliverables or obligations can be recorded against a contract and allocated to key personnel. Automatic reminder emails are scheduled for these deliverables, and key personnel are notified when due. You will obtain a full report of all the obligations due for each contract and establish which deliverables are still outstanding.
When managing multi-million dollar contracts, administration delays and oversight breaches can cost organisation big dollars. Also saving Legal and senior Finance staff’s time allows for greater focus on better contractual outcomes.
- Tenders and Quotes
- Contract Milestones, Review & Expiries
- Insurance & Certification Tracking
- Obligations and Legal Requirements Register
- Workflows for Approval & Variations
- Interfaced to Risk for prioritising Contracts & Tenders
Contract Workflows is a Task Management function utilising electronic workflows to manage and coordinate responsibilities. Allows for attaching supporting documents and sending reminders for outstanding actions.
The automatic workflow notification, reminders, and escalations ensure contracts and related tasks are completed in a timely manner. With the Workflow including reassessment of the Risk, Fast Track creates an environment for Continuous Improvement and Mitigation.