An obligation management program — aka a contract compliance program — includes the policies, procedures, and technology solutions an organization uses to reduce the risk of breaching a contract. The program might also dictate how firms address contract-related disputes.
Certain best practices, like implementing obligation management software, help firms maintain a mature obligation management program. By providing stakeholders with easy access to agreements and fund documents through a searchable contract repository, firms eliminate the possibility of a single point of failure and reduce reliance on outside counsel.