Your Document Management Knowledge Center

Who needs reminders?

Most contracts have some sort of expiration date, rollover date, or other important event date. How do you keep track of them all? Or do you? Many companies have a person dedicated to tracking such events. Some rely on memory to handle it. Some just deal with it when it happens.

Of course, there are a few issues with managing contracts these various ways.

What happens when:

  • You or the admin forgot to add the contract to the spreadsheet?
  • The person checking the spreadsheet is on vacation?
  • The person checking the spreadsheet leaves the company?
  • The person checking the spreadsheet forgets to check the spreadsheet?

Usually, bad things. Leases expire or roll over with unfavorable terms. One company had to pay for a year’s lease on office space that they had already moved out of. Another had to pay 3 times the current rate on their cell phone bills. They have over 200 phones. Missed deadlines can be very costly.

Spreadsheets don’t have reminders so they usually end up being a bad place to store contract information. Outlook reminders have to be set up for each contract. Who is responsible for that?

Having an automated contract management solution with rule-based reminders will save you time and money. Never miss a renewal or termination again.