What does a good contract register look like?
It can be difficult to put together a contracts register if you’ve never used one before, or have never heard of one.
What is a contracts register?
A contracts register is a record of all your contracts and agreements held in one place. The biggest benefit is that it ensures you never miss an expiration date on a contract. We offer a contracts register that is free to use when you sign up. It will notify you within a reasonable time that your contracts are expiring, giving you the time to figure out whether you wish to renew that contract.
What does a good contracts register look like?
There are many elements to a good contracts register, but we have broken them down into 6 key steps, so you can create the ultimate contracts register.
The most important step is to list all of your contracts, whether they expire in one year or one week. Keeping all your contracts in one place makes keeping on top of them easy.
Step 2: Description of what that contract provides
When listing your contract, it is important to include a description of it. Doing this helps you separate your contracts, allowing you to find the one you need without having to go through them all.
Step 3: Name of supplier
Including the name of the supplier allows you to view who the contract is with, without needing to go through the contract.
Step 5: Include the annual value of the contract
Step 6: Include the ‘whole life value’ (the total cost over the life of the contract)
This is important with big category spends. The initial annual value might not take you over the FTS threshold, but if you agree a price increase, the whole life value could take you over this threshold.
If you need help with your procurement, Education Buying is always happy to help. You can get in touch here.
