What is a contract audit?

Auditing contracts involves evaluating and verifying the accuracy of the contractor's policies, controls, and systems by completing a close inspection of documents such as transaction records, operations logs, and account books. Contract audits are often associated with maintenance and construction contracts.

How can a contract audit save you money?

Use a contract audit to identify contracts in which you’re paying more than agreed to. Sometimes your accounting department automatically pays bills without verifying their accuracy. A contract audit can fix that and save you money in the long term.

How to prepare for a contract compliance audit?

The CLM software contains all the information you need for a quick and thorough audit and is easy to reconfigure to improve efficiency and effectiveness. The best way to prepare for a contract compliance audit is with CLM software from Contract Logix.

Why is a collaborative contract audit important?

By continually monitoring these contracts and the parties’ requirements, the business can avoid under-delivering and develop a better relationship with their customers. At the end of a collaborative contract audit, transparency between the organisations is much higher, and all involved can fix problems.