Contract Management

Contract management is the process of managing contracts, agreements, and other legally binding documents throughout their lifecycle, from initiation to execution to renewal or termination. It involves various activities aimed at ensuring that contracts are effectively drafted, negotiated, implemented, and monitored to minimize risks, maximize value, and achieve the organization's objectives. Here's an overview of our contract management process support: 1. Contract Creation and Drafting: Contract management begins with drafting and creating contracts that outline the terms, conditions, rights, and obligations of the parties involved. Sunstream can support in generating contracts inside customers system and deliver to the correct parties. 2. Contract Negotiation: Sunstream process team can act as the conduit between our customer and supplier to effectively complete the contract. We can call and discuss with the supplier to see the reason for the contract delay and changes needed. Sunstream’s Negotiations aim to achieve a mutually beneficial agreement while protecting the organization's interests and minimizing risks. 3. Contract Approval and Execution: Sunstream process team will follow up and ensure, contracts are reviewed, approved, and executed by authorized individuals within the organization on both side. This may involve obtaining signatures, seals, or other forms of authentication to formalize the contractual agreement between the parties. 4. Contract Implementation: Once contracts are executed, they are implemented according to the agreed-upon terms and conditions. This involves communicating contract requirements to relevant stakeholders, setting up systems and processes to track contract performance, and ensuring that both parties fulfill their obligations under the contract. 5. Contract Compliance Monitoring: Contract management includes monitoring and enforcing compliance with contractual obligations by all parties involved. This may involve tracking key performance indicators (KPIs), milestones, and deliverables outlined in the contract, as well as ensuring adherence to deadlines, quality standards, and other contractual requirements. Sunstream can ensure that all predefined contract monitoring indicators are tracked and reported to the management. 6. Change Management: Throughout the contract lifecycle, changes to contract terms or requirements may arise due to evolving business needs, external factors, or unforeseen circumstances. Contract management involves managing change requests, assessing the impact of changes on the contract, negotiating modifications with the other party, and documenting any amendments to the contract. 7. Risk Management: Contract management includes identifying, assessing, and mitigating risks associated with contractual agreements. This may involve conducting risk assessments, establishing risk mitigation strategies, and monitoring potential risks throughout the contract lifecycle to minimize adverse impacts on the organization. Sunstream process team can support in filling risk templates for suppliers based on the available data and supplier interview data. 8. Contract Renewal or Termination: As contracts approach their expiration dates, contract management involves evaluating options for renewal, renegotiation, or termination based on performance, value, and strategic objectives. Sunstream process team can reach out to suppliers and accelerate the process of renewing the contracts. This may involve conducting contract reviews, assessing supplier performance, and determining whether to extend, renegotiate, or terminate contracts based on the organization's needs and priorities. 9. Contract Repository and Documentation: Contract management involves maintaining accurate and up-to-date records of all contracts and related documentation in a centralized contract repository. This ensures easy access to contract information, facilitates compliance monitoring, and supports audit and reporting requirements. Sunstream can ensure that each supplier documentation is completed as per legal, organizational and technical requirements. 10. Supplier Relationship Management (SRM): Effective contract management includes managing relationships with suppliers or other contracting parties to foster collaboration, address issues or disputes, and drive continuous improvement. This may involve regular communication, performance reviews, and feedback mechanisms to maintain positive and productive relationships throughout the contract lifecycle. Sunstream can support in supplier/customer surveys, training and feedback collection.