No matter which type of agreements – client, supplier, employee etc., they all need to be managed and kept in certain manner.

First things first, all agreements need to be stored properly and safely considering their nature. For an example, employee contracts shouldn’t be accessible to unauthorized personnel and should be locked away securely. The same goes for bank agreements containing information that not everyone should have access to. Client agreement are most probably needed for sales representatives and accountants and vice a versa, supplier agreements should be accessible to people dealing with suppliers themselves and purchases in general. 

All agreements are there for a reason – to govern business relationships – and as such, there are specific terms used in day-to-day activities. This information is best to be stored separately in a database with limited access, but yet usable by personnel it’s need for running and performing daily activities. Why? Using a contract quite bluntly wares it out. It makes more sense to store the needed bits in electronic form for daily usage rather then check the contract itself each time.

Another point I’d like to stress is keeping an eye out for renewal terms and dates. You wouldn’t want a contract that’s essential to your business, to come at end just because you missed a deadline for renewal, would you?

And what’s more, make sure that keeping and maintaining the contracts is designated to a specific person so that they know they are responsible for the wellbeing and maintaining relevant information.