Tag: contract management

Running a small business in South Africa has never been easy. With economic pressures ranging from inflation to rising operational costs, every decision matters. For many small and medium enterprises (SMEs), overlooked details in contracts can mean the difference between financial stability and unexpected setbacks.

Among the greatest threats facing infrastructure development today is climate change. To mitigate the associated risks for all sector stakeholders, we urgently need to make better use of modern technologies. We also need to establish contractual frameworks that are appropriately structured from the outset.

In South Africa, labour law is designed to protect employees from unfair dismissal. The Commission for Conciliation, Mediation and Arbitration (CCMA) requires employers to tread carefully, especially when navigating fixed-term contract terms.  

The public understandably believes the construction mafia operates within the traditional construction and built environment sector. However, its influence extends far beyond construction, creating highly negative effects. Criminal elements exploit any industry where they can extort third parties.

Many companies think of contract renewal as a routine process that they can leave on autopilot. But apart from the risks of missing the timeframe to cancel or renew a contract, contract renewal is also an opportunity to strengthen your relationship with your business partners and refine the contract to meet your evolving business needs.

The time has come for South African telecommunication companies to face greater scrutiny. With data prices higher in South Africa than in many other African states, these companies should be more accountable to their customers. Yet this is not happening.

As far back as 2018, Harvard Business Review (HBR) raised the question: how is artificial intelligence (AI) changing contracts? Five years may not fit the criteria of “long-term”, but with the pace at which technology is evolving, it might as well be decades. As remains the case today, HBR cited efficiency as a key driver for the growth of AI in contracting.

In 2021, the global procurement as a service market was valued at approximately US$ 6.3 billion. Given that the market has a projected compound annual growth rate of 7% for the next 10 years, experts forecast that the market is likely to reach a valuation of US$13.3 billion by the end of 2032.

The pandemic accelerated an existing trend toward widely distributed workforces, set in motion by growing globalisation and digitalisation. This creates a number of challenges for companies in terms of managing these dispersed employees.

Fines and penalties, missed deadlines, losses due to overlooked obligations, invalid contracts – these are some of the challenges that an organisation can avoid with better contract management.