Best Practices for Managing Contracts as a Team

Contract management is straightforward when it is just you. But as teams grow, contracts multiply — and so do the risks.

Build a shared library

Centralize your contracts so everyone has access to the same source of truth.

Assign clear ownership

Every contract should have one owner responsible for monitoring renewals and renegotiations.

Standardize your review process

Create a checklist of what gets reviewed on every incoming contract: liability caps, IP terms, payment terms, and renewal clauses.

Track renewals proactively

Set reminders 90 days before any renewal date to give time to renegotiate or cancel without penalty.

Use AI for first-pass review

AI does not replace legal counsel — it makes your legal spend more efficient. Use LexAI for initial screening so lawyers only spend time on contracts that genuinely need attention.