You can save time, money and other valuable resources by learning mistakes companies make with their vendor contracts. Listen to this Third Party Thursday vendor management podcast to see how you can avoid some common vendor contract pitfalls during all phases of the vendor lifecycle: (1) Pre-contract vendor selection (2) The contract and managing the vendor and (3) Post-contract terminating the vendor relationship.
Welcome to this week’s Third Party Thursday! My name is Branan Cooper and I’m the Chief Risk Officer here at Venminder. Today we’re going to talk a bit about common pitfalls in vendor contracts.
You’ll be happy to know, if you’ve heard me speak on contract management previously, that I am not going to harp on the need for centralized and organized contract management today – nope, not going to do it. Instead, we’re going to focus on the contracts themselves and some common pitfalls as well as a few ideas of how to avoid them.
Believe me, I have seen and experienced the best and worst of contracts – my best advice is to make sure that you have a clearly defined process for contracts, identify who is authorized to review and sign a contract and have a process for ensuring it has proper expert legal review.
Again, I’m Branan and thanks for tuning in to this week’s Third Party Thursday. If you haven’t already done so, please subscribe to our series.