THE ”SMOKEY AND THE BANDIT” APPROACH IS NO WAY TO MANAGE YOUR CONTRACT
Have you ever seen the movies where the car breaks through the first barrier, then the second and third, keeps ploughing down a road it obviously shouldn’t be on and then sails off the unfinished bridge and into a lake? Think you would never do that? Think again. This is exactly the type of behavior many contractors engage in when it comes to ensuring proper contract compliance. We understand that companies are in business to do business, but part of conducting that business is making sure all contractual requirements are fulfilled. Just like the out of control car, contractors may get multiple warnings to stop, slow down, turn around or otherwise get back on the right path. Some get the message by the second or third sign. That’s late, but usually not too late to prevent truly bad outcomes that disrupt the business you’re trying to pursue. Some companies believe that their car could make the jump over the missing bridge span – akin to reaching safety without having to change practices. Many, though, end up in the lake. Unfortunately, that ruins not just your business but the livelihoods of those who work at the company. A damaged business also upsets investors who provided money with the expectation that the company would be run properly. While stopping your car short of the lake may still result in a ticket and a small repair bill, that’s certainly preferable to having the entire car wrecked and paying to get it out of the water. Effective contract compliance systems are truly a “pennies on the dollar’ investment that help your business stay on the open road.