Contract Management

148: Pitfalls & Innovations in Writing Effective Contracts w/ Nick Seiersen

My guest today is Nick Seiersen, a Director with the International Association for Contract and Commercial Management, or IACCM for short.

Nick is an contracting expert, and it is a topic that I haven’t covered on the show in as much detail as I think it deserves!

In our conversation, I wanted to explore a couple of topics – firstly, what are some of the contracting pitfalls that Nick sees Buyer’s make time and time again that we should be aware of, and then secondly is there such a thing as innovation in contracting.

Nick shares innovations taking place both in terms of commercial models, but also contract design and shares one particular example in which a fully illustrated contract was used in lieu of a standard employment contract.

I’m not sure that lawyers will soon be replaced by artists, but it was really interesting to hear what is possible if we think outside of our traditional assumptions of how a contract must be written.

“The biggest pitfall in contracting is a failure to agree on scope and objectives, for example by not fully engaging stakeholders.” – Nick Seiersen, IACCM

Links and Resources:

About the author

Philip Ideson

Philip Ideson is passionate about the role that procurement professionals and leaders can plan in creating competitive advantage for their organizations in ways that go beyond the traditional value proposition.

Philip founded Art of Procurement as a way for the procurement community to learn from each other, increasing the impact they have on their organizations. In 2017, he co-founded Palambridge, a virtual platform of procurement experts, technology, and intelligence. Palambridge provides a broad range of flexible procurement solutions, available on-demand.

Prior to Art of Procurement and Palambridge, Philip enjoyed a career that spanned the procurement value chain, working across three continents for organizations such as Accenture, Procurian, Ally Financial, Pfizer and Ford Motor Company.