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Industry Challenges

The increasingly complex service industry with multiple properties and a diverse and international clientele, is generating a great volume of work for in-house counsels. The hospitality industry is large and requires monitoring of multiple compliances (contractual, regulatory, statutory and internal). In this industry, the contract lifecycle management requires major attention and strong involvement of all business units in the process.

With effectively less lead time in hand, most of the contract management process poses a huge gap for reviews and errors delaying the business process related to it. Often the contracts already executed in the past are not tracked and renewed in a timely manner. Hence, the consequences of not adhering to the terms in the contracts can pose a major risk for the business. Tracking important obligations, dates for renewals of not just contracts, but also licenses and permits is critical.

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Starting with contract requisition to drafting and/or vetting, execution, obligation/term management and renewals, every stage needs a streamlined workflow to ensure all data, files, emails, approvals, dates and individual audit trails are recorded along with their supporting documents. Even if it were a single contract, curating would be tad difficult; as to maintain every drafted copy with amendments, approvals of business units associated, time to renew the contract or to remember time of expiry of contracts. However, when the same is applied to numerous contracts, the entire contract management becomes a major pull down for the in-house counsels. PracticeLeague automated the entire lifecycle of the contracts and tracking of important dates of licenses and permits on one single platform. It helped the team to focus on other important tasks and receive periodic reminders along with the task summary before any important date.

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