Robert A. Marsico
Partner
201-896-7165 rmarsico@sh-law.comFirm Insights
Is Poor Contract Management Hurting Your Bottom Line?
Author: Robert A. Marsico
Date: May 21, 2015
Key Contacts
Back
From client contracts to employment agreements to leases, even small businesses can have hundreds if not thousands of contracts. Thanks to technology, a lot of contract management is done digitally. However, many contracts are still prepared, signed, and filed using traditional paper format.
The sheer increase in contract volume, as well as the diverse types of electronic and paper agreements, have made contract management even more important. However, studies suggest that many businesses may not be dedicating sufficient resources to managing their key agreements. In fact, a 2014 Huron Legal survey of 100 legal technology professionals revealed that 57 percent of respondents were concerned about their company’s existing contract management procedures.
The survey also found that many businesses are not taking the proper steps to monitor and update their contract forms and templates. Of those polled, only 58 percent reported that they review their standard contract terms and conditions at least once a year. Another 17 percent said they reviewed agreement forms every two years, and 13 percent said such review was undertaken only whenever a new client is signed.
Even more concerning, the Journal of Contract Management found that 71 percent of companies couldn’t find at least 10 percent of their contracts. Misplaced and outdated contracts can lead to serious legal concerns. Lost or out of date agreements can cost businesses money, from failing to collect payments when due to missing important renewal deadlines.
Given that state and federal legal regulations can change and impact a company’s legal obligations, it is also important to review the terms of all standard contracts to ensure that they are still legally compliant. For instance, New York employers should review their employment contracts to address recent changes to the state’s human rights law. In New Jersey, recent environmental rulings may change indemnification obligations set forth in your contracts.
For specific contract management tips, check out our prior post, “Do Your Business Contracts Need a Spring Cleaning?”
- Practices: Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
New Jersey’s Revised UHAC Regulations: What Residential Developers Need to Know About Affordable Housing Commitments
New Jersey residential developers with affordable housing obligations should carefully review their existing approvals, development agreements, and proposed deed restrictions in light of the State’s revised UHAC regulations (Uniform Housing Affordability Controls). The regulations, which took effect on November 6, 2025, significantly change the administration and physical requirements for affordable housing units. For developers with […]
Author: Wendy Rubinstein Quiroga
“No Comment” Culture: Why Silence Is Often the Riskiest Legal Strategy
A “no comment” response is sometimes the right call when a legal problem arises. As a blanket policy, however, it lets allegations go unanswered, deadlines pass, evidence disappear, and manageable disputes grow into expensive litigation. The businesses that fare best are usually the ones that say little publicly while acting decisively behind the scenes. When […]
Author: Sean M. Pena
Utility-Scale Battery Storage Projects: A Legal Roadmap for Developers, Property Owners and Other Stakeholders
Utility-scale battery energy storage systems (BESS) are becoming an increasingly important component of the electric grid throughout New Jersey, New York, and Pennsylvania. As renewable generation expands, electricity demand increases and grid operators seek greater flexibility, battery storage can help balance supply and demand while providing additional capacity and reliability. For developers, battery storage presents […]
Author: Nicholas Wall
Navigating Disputes: Hire a Partnership Dispute Lawyer
A falling out between partners can be disastrous for any business. In many cases, the partnership will not survive. If you are in an unworkable situation with your partners, it may be time to consult a partnership dispute lawyer experienced in handling partnership breakups and dissolutions before the situation deteriorates any further. It is easy […]
Author: Jay McDaniel
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Author: John D. Giampolo
Zoning Laws Explained: What You Need to Know Before Buying Property
Before buying property, it is critical to determine whether local zoning laws may affect your plans. If you plan to redevelop the property, you will want to confirm that local zoning regulations permit development as intended. If acquiring property that is already developed, you must verify that the use is permitted in the underlying zoning […]
Author: Wendy Rubinstein Quiroga
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.