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The Unheralded Value of a Contract
If you had to name the one most valuable aspect of a contract, what would that be? Often-heard responses include: "It's the framework for managing the relationship"; "Revenue generation"; "Assurance of supply"; "a record for what has been agreed," "My commission!"; or if you ask a lawyer, "It depends."
The common thread is that there is no one predominant response, and that personal outlook heavily influences the response. What's interesting is that responders typically think about one contract and its relevance to the parties or to his or her role, rather than its relevance to contracting as a whole.
This article takes the position that the most important part of a contract is the data that it generates. If you take all that data from each contract, then aggregate, organize and analyze it, you will have critical insights into the overall effectiveness of your contracting process and the way you transact business. And from that analysis, you can determine how to be more effective.
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