In order to facilitate the smooth running of a business, contracts and their appropriate management are crucial. Many organizations, especially MultiNational Companies, may find it troublesome to handle and manage contracts with parties scattered across the globe or over a large geographical area. In many other cases, bringing efficiency in the management of contracts can also be because of maintenance of large databases centrally and de centrally, or catering to the variety of needs arising from different stakeholders. Managing a many contracts in-house from scratch to the end might cause high costs to the organizations, diversion of focus from core services, and missing deadlines for compliances among other risks.
Virtue Legal Services becomes your one-stop solution for all your Contract Management Services. We provide you the pathway to better decision-making and mitigation of your business risks by enabling your legal management efficiency at our end with years of experience and specialized expertise.
Contracts are made by businesses with third parties in order to transact in the market legally. Hence, evidently contract management involves maintaining external relationships with third parties like vendors, customers, dealers, agents, and so on. In order to manage your contracts well, Virtue Legal Services ensures that all your business’ external relationships are also managed and facilitated well in order to ensure the smooth and hurdle-less running of your day to day operations.
Contracts are not always made and issued from our end to the third parties. Many times, the other parties such as the client, the suppliers, or the agencies also issue contracts from their end for us to review and accept or sign and transact the business successfully. In such cases, it becomes impertinent that these contracts are thoroughly reviewed and it is ensured legally that your business does not accept any liability or responsibility more than what was originally agreed upon. Virtue Legal Services ensures that all your business’ contract reviews are thorough and effective.
It is imminent for a contract management system to be successful to have complete track of all contract information and provisions. Virtue Legal Services provides contract abstraction and migration services that ensure that all information from the client’s contracts is abstracted properly, without fail. The abstraction and migration of contracts are done with high efficiency and by a highly accomplished legal team. Services such as abstracting the essential provisions and words from the contracts, carrying out the quality control at more than one level, and delivering highly accurate and end to end extracted results are a part of Contract Arbitration and Mitigation Services by Virtue Legal Services.
Legally negotiating the terms and provisions of the transaction to be contracted can also be facilitated by the highly skilled legal negotiators’ team of Virtue Legal Services. Once all negotiations are done and the terms are finalized, Contact drafting becomes material. Contract drafting is not just penning down the terms and provisions of a particular transaction that is to be contracted, but it requires a high level of precision and diligence. Sometimes the legal team has to go through various tiers of drafting the contract until the final contract is adopted. Virtue Legal Services ensures that all the contracts that are to be drafted are written in an appropriate yet concise manner while doing justice to elaborating the contracting parties’ objectives.
When Contract Negotiation takes place, all the contracting parties review the provisions and terms of the initially drafted contracts and suggest changes as per their intentions, wherever they deem necessary. Virtue Legal Services undertakes the contract review and redlining services under which amends such as suggesting editions like adding, deleting, amending several details in the contract are taken care of. Virtue Legal Services employs its highly accomplished team in order to make sure that the contracts are reviewed and red lined such that the final contract draft comes out to be as much in its client’s interests as possible and in a timely fashion.
Contract administration service is mostly used in industries like construction, under which the contract between the client and the contractor of the building is managed. The client can hire Virtue Legal Services to administer the contract details related to negotiation, manage, and support the execution of the process contracted. Includes hiring of the vendor, contracting the terms of hire, procurement, installation, sub-contracting, delivery, timelines, commissioning, and rectification among other peculiarities. Contract Administration services go as long as the project itself. Virtue Legal Services makes sure that all such tasks related to administering the contract are handled meticulously.
Virtue Legal services provides end to end support for all our clients to ascertain, manage, and mitigate their legal and business risks effectively. Mitigating and managing risks in time can prove as beneficial for a business as their operation success. Most of the business risks have legality attached to them, hence it is better to identify the risks from a legally equipped and mitigate them accordingly and in a time bound manner. Many big organizations usually have legal risk and its mitigation in their Risk Management framework and that is where Virtue Legal Services can provide its risk mitigation support outsourcing services in order to make sure that our clients’ competitive edge is maintained and risks are controlled across the organizational structure.
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