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How can you manage contract changes in a dynamic market?

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Managing contract changes in a dynamic market can be challenging for importers and exporters. You need to balance the risks and benefits of modifying the terms and conditions of your agreements, while keeping up with the changing demands and regulations of your customers and suppliers. In this article, we will discuss some strategies and best practices for handling contract changes in a way that minimizes disputes and maximizes value.

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JOHN BLYTH

Experienced leader in Global Commercial and Contract Management
Sreya Bhar

Corporate & Commercial Lawyer | 9+ Years in Contract Management, Corp Advisory & Legal Risk Mitigation | Experience…

1 Understand your contracts

The first step to manage contract changes is to understand your contracts. You should know the key clauses and provisions that govern your rights and obligations, such as the delivery terms, payment terms, quality standards, force majeure, dispute resolution, and termination. You should also be familiar with the Incoterms that apply to your contracts, as they define the responsibilities and risks of the seller and the buyer in international trade. Incoterms can affect how you handle contract changes, especially if they involve changes in the mode of transport, the place of delivery, or the insurance coverage.

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2 Communicate with your counterparties

The second step to manage contract changes is to communicate with your counterparties. You should maintain regular and clear communication with your customers and suppliers, and inform them of any changes in your situation, such as delays, shortages, price fluctuations, or regulatory changes. You should also listen to their concerns and requests, and try to understand their perspectives and motivations. Communication can help you avoid misunderstandings, build trust, and find mutually beneficial solutions.

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JOHN BLYTH

Experienced leader in Global Commercial and Contract Management
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There should always be a constant line of communication through regular commercial meetings. Not only to track and advise impact of previous changes but identify trends and conditions which may influence future changes. In so doing, the parties can be prepared to execute on these changes in a structured way,minimising the impact and enabling positive day 1 integration. The optimum way however is to jointly understand influencing factors ,assess these and ensure any changes are absolutely necessary.

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3 Negotiate contract changes

The third step to manage contract changes is to negotiate contract changes. You should approach contract changes as an opportunity to create value for both parties, rather than a zero-sum game. You should identify your interests and priorities, as well as those of your counterparties, and look for ways to align them. You should also consider the alternatives and consequences of accepting or rejecting contract changes, and weigh the costs and benefits of each option. Negotiation can help you achieve win-win outcomes, or at least minimize losses.

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JOHN BLYTH

Experienced leader in Global Commercial and Contract Management
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Changes always have to be agreed and realistically only happen with a quid pro quo. In working together with customer or supplier the need for change can be jointly assessed. Importantly to ensure that neither party is negatively impacted. Which means the best way to progress is being sure the change either brings value to both, is driven by (already agreed) contractual terms, or is required to meet regulation or compliance.

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4 Document contract changes

The fourth step to manage contract changes is to document contract changes. You should record any contract changes in writing, and ensure that they are signed and dated by both parties. You should also update your contract management system, and keep track of the status and progress of each contract change. You should also review your contract changes periodically, and evaluate their impact on your performance and profitability. Documentation can help you enforce your rights and obligations, prevent disputes, and improve your contract management.

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JOHN BLYTH

Experienced leader in Global Commercial and Contract Management
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Agreed and the best way to so so is through an agreed change template. The structure and execution of which should be fully detailed with examples in the contract. The change should describe the reason for change, commercial and operational impact and any associated risks. All of course being endorsed and authorised by both contracting parties.

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5 Manage contract disputes

The fifth step to manage contract changes is to manage contract disputes. You should try to resolve any contract disputes amicably and promptly, by using the dispute resolution mechanism agreed in your contracts. You should also seek legal advice and representation, if necessary, and protect your interests and assets. You should also learn from your contract disputes, and use them as feedback to improve your contract management and negotiation skills. Dispute management can help you save time and money, preserve relationships, and enhance your reputation.

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6 Adapt to market changes

The sixth step to manage contract changes is to adapt to market changes. You should monitor the market trends and conditions that affect your import and export operations, such as supply and demand, prices, exchange rates, tariffs, and regulations. You should also anticipate and prepare for potential changes, and adjust your contracts accordingly. You should also seek new opportunities and challenges, and innovate your products and services. Adaptation can help you stay competitive and resilient, and grow your business.

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Sreya Bhar

Corporate & Commercial Lawyer | 9+ Years in Contract Management, Corp Advisory & Legal Risk Mitigation | Experience Across Key Industries | Multi-jurisdictional Expertise | SQE Candidate | Occasional Humorist
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Be prepared to negotiate and amend contract terms to reflect new realities, prioritizing essential deliverables and addressing non-essential items as needed. Document all changes clearly to ensure clarity and avoid disputes. Finally, maintain flexibility and a collaborative approach to adapt quickly to ongoing market changes while keeping the contract fair and relevant.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you manage contract changes in a dynamic market?

1

2

3

4

5

6

7

1 Understand your contracts

2 Communicate with your counterparties

3 Negotiate contract changes

4 Document contract changes

5 Manage contract disputes

6 Adapt to market changes

7 Here’s what else to consider

Import/Export Operations

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How can you manage contract changes in a dynamic market?

1

2

3

4

5

6

7

1 Understand your contracts

2 Communicate with your counterparties

3 Negotiate contract changes

4 Document contract changes

5 Manage contract disputes

6 Adapt to market changes

7 Here’s what else to consider

Import/Export Operations

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