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Why should you update formal contracts?

On Behalf of | Mar 4, 2021 | County And Local Government Assistance | 0 comments

Intergovernmental contracts can protect the objectives of your county while allowing you to collaborate with other governmental agencies who share similar concerns as you. Preserving the value of such an arrangement requires the use of a formal contract.

Keeping your contract updated can help you avoid the disappointment of losing promising benefits due to oversight or outdated information. Similarly, you can facilitate a sustainable connection when your contract reflects changes within the relationship.

Planning for change

From the onset of formal business relations, you should readily anticipate change. According to Harvard Law School, part of negotiating a workable contract is to consider worst-case scenarios. This strategy allows you to address potential challenges during negotiations to reach agreeable solutions about how to manage specific incidents.

Some circumstances impact your contract directly and require you to make modifications to the original terms of the agreement. When this happens, coordinate a formal meeting to discuss how these changes will affect everyone involved. When everyone has a shared understanding of how to address certain situations because of prior conversations during contract negotiation, you can reduce misunderstanding.

Acknowledging the lifecycle

Contracts have a lifecycle. Factors including changes to leadership, laws and county needs could impact how effective a contract remains over the years. When you notice that changes have reduced the effectiveness of your contract, your agreement is probably entering the renewal phase. Depending on how outdated your contract is, you may need to redevelop the agreement completely.

Periodically reviewing your contracts can facilitate the growth, loyalty and synergy of important relationships. Updating anything that may be outdated or irrelevant provides a reliable reference for all committed parties. You may consider relying on legal professionals to audit and assess large or tedious contracts.