Contracts Executed, Now What?

Belum

29 Nov 2025 — 2 min read

Your business needed this contract signed and now it’s done (great job!). So, what’s next? If you’ve been following along with us, you know it’s time to actually read that contract and set up a system to manage it. Bonus points if you have a real contract management tool and not just an Excel spreadsheet.

Step 1: Assign Ownership

Every contract needs someone to own it. If you have a Sourcing department, this usually falls to the Sourcing Manager assigned to the deal. If you don’t, then it’s typically the business owner who pushed for the contract and controls the budget.

Step 2: Build Your Team

Managing a contract isn’t something you should do alone. Your team should include legal (for compliance and risk), finance (for invoicing and controls), IT (for technical requirements), and of course the Sourcing Manager and the business unit owner who needs the product or software.

Step 3: Kick-Off Meeting

Once your team is ready, schedule a kick-off meeting to make sure everyone knows how to manage the contract throughout its term. Here’s a simple agenda:

Intention
- “We’ve entered an agreement with [Vendor]. The contract term is [length]. The goal is to achieve [specific need or outcome]. Today, we’ll talk about what’s needed to manage this contract effectively.”
Level of Focus
- Decide how critical this vendor is for your organization. Is this just a quick setup and check-in before renewal, or does it need high-touch management with KPIs and performance reviews?
RACI Review (Responsible, Accountable, Consulted, & Informed)
- Assign roles for key activities like:
  - Contract repository setup
  - Documenting key terms and obligations
  - Compliance and regulatory checks
  - Risk register maintenance
  - Amendment and approval workflows
  - Invoice validation and financial controls
  - SLA and KPI monitoring
  - Renewal tracking and exit planning
Next Steps
- If this is a high-touch vendor, set up a meeting to review the governance framework and escalation path. If it’s low-effort tail spend, an email update might be all you need.

If you are still struggling trying to do this all in Excel, check out SourceSight.io and elevate your Contract Management game!

Sincerely, your friendly neighborhood contract detective

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