When a third party relationship ends, companies should have processes in place to ensure the termination does not detract from their fiscal and operational performance. A contract termination clause is an effective method of controlling relationship termination risks. It should stipulate situations where termination may be warranted, notification requirements, process for returning proprietary data, documents and equipment as well as the termination timeline.
Hiperos 3PM Termination Management
Hiperos 3PMTM Termination Management enables companies to ensure all steps defined in the contract termination clause have been delegated, successfully performed and the appropriate people automatically notified when a step is not completed within the designated time-frame.
Ensure termination process is universally implemented
Avoid complications that could negatively impact business
Streamline the transition
Respond quickly to investigations with an auditable record