Risk, Audit & Compliance
Many businesses operate in highly regulated industries which involve various authorisations, approvals, permits and licences (often both at a corporate and employee level). Lapsing approvals, reporting obligations, registrations and permits, can have serious consequences.
In a ‘high-volume’ contract and document environment, companies need a ‘single and reliable’ source of truth for managing risk, audit & compliance.
Businesses need a complete record of all their contracts, documents, key information, current approvals, licences and permits, including any key terms and conditions attached.
mycontracts™ enables users and stakeholders to set and monitor key obligations, renewal and expiry dates and contract status. It instantly generates key summary reports of all critical terms and conditions.
Contract & Procurement Management
A key function of contract and procurement management is to process multiple work streams and requirements. Contract & Procurement Managers need to consider various contractual rights and obligations, as well as competing requirements in the sales and supply chain process – in particular, where “time is of the essence”.
When dealing with suppliers, customers and distributors, it is also critical to monitor contract and KPI performance. Managers will often need to revisit key terms of contracts to properly manage risk.
mycontracts™ provides Contract & Procurement Managers with clear display of key rights, obligations, deadlines, ‘auto-renewal’, ‘price blackouts’, ‘trading terms’, alerts and KPIs across all agreements on one platform.
Intellectual property rights such as trademarks, business names, patents and registered designs require ongoing maintenance and monitoring.
In particular, registered trademarks and business names have set expiry dates which, if not renewed in time, will require re-registration (and may result in lost ‘precedence’ rights). Further, trademarks may be de-registered if not used within a certain period.
mycontracts allows businesses to keep on top of their intellectual property rights by alerting users to upcoming renewal or use-by dates, across their entire suite of intellectual property rights.
Companies will often be required to undertake due diligence for external purposes e.g. a sale, merger or capital raising, or for internal “health-check” purposes.
The company will need to collate all material contracts such as financial contracts and charges, customer and supply agreements, leases, employment contracts, permits and authorisations, intellectual property records, insurance documents and minutes and corporate records. These will need to be available in a clear, organised and searchable format.
This can be a time-consuming process, potentially taking several weeks, or even months, to complete. Further, a disorganised due diligence process can add significant cost, and risk, to a transaction.
mycontracts provides a ‘ready-to-go’ live data room with key information and summaries for due diligence purposes (with customisable access for permitted users).
Mergers & Acquisitions
Often when contemplating a sale or an M&A transaction, a vendor or target is not ‘acquisition ready’. Documents and contracts are not typically ordered or held in a centralised location causing significant information gaps, uncertainty and an inefficient transaction process.
This can result in lengthy delays and high transaction costs for stakeholders. In some cases, a ‘risk’ discount is priced into the sale consideration.
mycontracts can facilitate an efficient review of all material contracts and documents (including consent, assignment and change-of-control clauses). It also provides for routing the negotiated transaction documents for review, version control, approval and signing. Key information automatically generated from mycontracts can help fast-track due diligence and significantly reduce RFIs.
Property & Asset Management
Property and Asset Managers are required to deal with a range of contracts and documents, including land sale contracts, leases, service and maintenance contracts, utility contracts, insurance policies, permits and authorisations.
Property and Asset Managers must be aware of all critical terms, dates and timeframes and must be able to access this information instantly.
For example, Property and Asset Managers need to be alert to:
- cooling-off periods, condition precedent dates and settlement dates;
- lease expiry dates and option exercise dates;
- rent review dates (CPI, fixed, market);
- timeframes for redecoration and make-good obligations;
- scheduled maintenance periods; and
- lease and licence expiry dates.
mycontracts provides easy access to key information to enable the monitoring of critical dates and timeframes. It can be tailored to a project or site-specific basis, and can instantly generate property summary reports.
We understand that the implementation, reliability and integrity of any contract or document management system are only as good as its ongoing use and maintenance.
Our platform detects the use and frequency of upload and will send auto-generated assist reminders to help keep your document management current.
We also understand that maintaining your contract or document management system can be superseded by competing priorities.
With ASSIST, our dedicated team can do the ‘heavy lifting’ regarding document upload, saving, generation and alert setting for you – especially when you’re too busy or have limited capacity.
The mycontracts upload function enables users to ‘drag & drop’ documents for processing by our ASSIST team, giving you time to complete your urgent priorities, while keeping your contract and document management up-to-date, current and reliable.