How to manage your contracts
How to successfully manage your contracts
The chaotic everyday life in startups is demanding and you need to remember a lot of details. Tracking your contracts will help you to remember to conclude your important contracts.
From the beginning your startup will be confronted with chaos. A lot of ideas are floating around, you need to get investors on board to develop your business and in all this you need to keep the basic administrative processes going. They help you to keep the basic order. This means among other things you need to make sure that your bills are getting paid on time, that your post is managed and that you keep track of your contracts. Since startups are very busy it often happens that important contracts do not get concluded. You need to make sure that you conclude your contracts with your clients, your suppliers and your cooperation partners. You can avoid forgetting to conclude your contracts by keeping track of them. To do that we created the Contract Register Tomatosheet for you.
The Contract Register is an Excel spreadsheet tracking important details about your contracts.
The contract register
helps you to
How to use this tomatosheet
There are 3 categories in the contract register:
- contract identification
- contract detail
- contract value.
In total there are 13 columns.
The category contract identification includes 7 columns:
Column B: At first, you define the contractor type. There are 3 types of contract:
- Partner = 1
- Supplier = 2
- Client = 3.
Each type is associated with a number which is used for the contract number.
Column C: In the second column you assign a contract number (i.e. contract #). It stands for the name of the contract partner. It can happen that the names of the contract partner are written differently. To have a uniform identification of the contract partner the number is used additionally.
Column D: As soon as you fill in column B, column C and column E, Excel will return based on the formula in this column the overall contract number. It has the following structure: contractor type – contractor number (5 digits) – number of contracts with one partner (3 digits). For example, 2 – 00003 – 002, i.e. a supplier contract which has the contract number 3 and it is the second contract with this supplier.
Column E: In this column you fill in the name of the contract partner.
(Column F: This column is hidden as it only serves as a base to display the contract numbers in column D and has no other purpose.)
Column G: Write here down the title of the contract.
Column H: In this column you fill in the contract type. First, you assign the general type, either “vendor” or business”, and then the use of contract, which results in the following structure: “vendor/business > use of contract”. For example: “business > real estate”.
The category contract details includes 3 columns:
Column I: Fill in the signature date.
Column J: Fill in the date of entry into force.
Column K: Fill in until which date the contract is valid. If there is no end date fill in “cancellation”.
The category contract value includes 3 columns:
Column L: Write down what the value of the debit if the contract type is client. Otherwise this value is 0.
Column M: Write down the value of the credit. This value can also be 0 depending on the type of contract.
Column N: Fill in the currency in which the contract is regulated.
The contract register will make you remember to conclude your contracts and keep track of them. Set the stage by
From now on you will have your contracts under control!
Read more on how to establish other processes with the Content Pipeline and the Employee Datafile Tomatosheet. The first supports you in keeping track of your content you would like to communicate internally and externally. The latter supports you in establishing a process in collecting your employee’s information.
The 3 Contract Register Principles
- Assign one responsible person for the Contract Register.
- Whenever you receive a contract add it to the Contract Register (even though you have not signed it yet).
- Check for not signed contracts bi-weekly.
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