What is the most effective way to review and approve contracts in a timely manner?

2 Establish clear roles and responsibilities

Another way to improve your contract review and approval process is to establish clear roles and responsibilities for each party involved. You should define who is responsible for drafting, reviewing, editing, approving, and signing the contract, as well as who has the authority to make changes or decisions. You should also communicate the expectations, deadlines, and feedback channels for each role. By clarifying the roles and responsibilities, you can avoid confusion, duplication, and conflict, as well as ensure accountability and transparency.

3 Follow a standard procedure

A third way to enhance your contract review and approval process is to follow a standard procedure that outlines the steps and criteria for each stage. You should have a consistent and documented process that covers the scope, objectives, format, and content of the contract, as well as the review and approval criteria, methods, and tools. You should also have a process for handling revisions, disputes, and exceptions. By following a standard procedure, you can ensure quality, accuracy, and compliance, as well as avoid delays and errors.

4 Use electronic signatures

A fourth way to optimize your contract review and approval process is to use electronic signatures. Electronic signatures are digital versions of handwritten signatures that can be used to sign contracts online. They are legally valid and enforceable in most countries and jurisdictions, and they offer many benefits, such as convenience, security, and traceability. By using electronic signatures, you can eliminate the need for printing, scanning, mailing, and storing paper contracts, as well as speed up the signing process and reduce costs.

5 Review and improve your process

A fifth way to refine your contract review and approval process is to review and improve your process regularly. You should monitor and measure the performance and outcomes of your process, such as the time, cost, quality, and satisfaction of your contracts. You should also solicit and analyze feedback from your team and stakeholders, as well as identify the strengths, weaknesses, opportunities, and challenges of your process. By reviewing and improving your process, you can learn from your experience, adapt to changing needs, and achieve continuous improvement.

6 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?