Good business practices, a desire for increased productivity, and the need for fiscal, legal, and regulatory controls should be driving more companies to standardize and centralize their contracting processes. When a single department monitors and maintains a company’s contracting processes, it becomes easier to ensure that all contracts meet corporate standards, are passed through appropriate review cycles, receive required approvals, are monitored for key dates and terms, and are quickly accessible by all who need access.

Since a company’s legal department is often the single department that is required to review all of the company’s agreements, legal departments are a natural focal point for contract management. An enterprising legal department is in a unique position to add value to the larger organization while increasing its ability to manage the company’s risks profile by consolidating and managing the company’s contracting functions. In addition, by controlling the contracting process, legal is in a better position to protect the company from risk and ensure Sarbanes-Oxley compliance.