Contract costs measured in time and money.
Tim Cummins, the Chief Executive of the International Association for Contract and Commercial Management stated that “contracts are the lifeblood of all businesses”. We’d have to agree.
How much does a contract really cost?
However, the cost of contracts has reached unprecedented levels. In an IACCM research report (2017), it was found that processing and reviewing a ‘basic everyday contract’ costs businesses $6,900 on average and organisations are spending, on average, 25% of their time contracting on contract creation.
How do you calculate the cost of a contract?
Whilst this seems excessive, the IACCM reports that the price of contracting has risen by 38% in the last 6 years so it doesn't seem unreasonable to guess that these costs will only get higher. Whilst you might be reading this thinking that this does not apply to your smaller business, inflated prices for contracts will still affect you.
- What about those free templates online you ask?
- Well wouldn’t you rather have confidence that your contract is up to date with changes in the law without having to review your templates every time there has been a change in the law?
- Couldn’t this time be better spent on other areas of your business?
- How easily can you realistically access those contracts when you need them?
How does Legislate help you keep your contract costs under control?
Legislate finally puts a ceiling in place, saving you significant time and costs. Our lawyer-approved contractual templates:
- Are up to date with changes in the law.
- Offer your business that perfect balance between flexibility and stability
- Can be created in minutes, allowing you to focus your attention on what really matters.
Users can create, negotiate, sign and manage contracts on our platform. Our patented technology also provides key insights across your contracts, allowing you to take a step back from monitoring when your employees might be requiring pay rises, for example. Learn what contracts you can Legislate and how Legislate works. For a fair, fast and affordable future sign up today.
The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely.