For anyone engaged in commercial activity, contracts are central to nearly all operations. Lease agreements govern the premises used, employment and consultancy agreements regulate the people performing the work, and supplier agreements cover the delivery of goods and services to the company.

On the other end, companies rely on customer agreements in many different forms. Common to all is that contracts form the foundation of most business activity.

It is essential to have an active and conscious approach to the rights and obligations set out in the agreements entered into, in order to make informed decisions that impact the company’s operations. It is equally important to have someone responsible for managing and monitoring the company’s contractual relationships—ensuring that rights and obligations are upheld and that new contracts do not conflict with existing ones.