Many managers rate managing and negotiating contracts on the same level as getting a root canal or walking barefoot over hot embers. I don't remember meeting anyone who has said "Contracts--my favorite thing!" But they are a definite fact of life, so here are a few thoughts on things to be aware of when dealing with contracts.

Part 1: Managing Existing Contracts
You should have a way of tracking your existing contracts so that you are not caught by surprise when they expire. Contracts for services can have murky start dates. Sometimes they are based on when the vendor countersigns the contract; other times they may begin when service is delivered or when it is first billed. Often, vendors can't produce a copy of your contract, so if you don't have a copy of the countersigned document, the contract expiration date can't always be determined. Sometimes vendors tell customers what the expiration date is, but when pressed for documentation they have no way to prove the accuracy of their assertions.

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