By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: What you need to know about navigating contract challenges in 2024, by Kehinde Ogundare
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Opinion

What you need to know about navigating contract challenges in 2024, by Kehinde Ogundare

Okay.ng
By Okay.ng
Published: February 2, 2024
Share
4 Min Read
Kehinde Ogundare, Country Manager, Zoho Nigeria
Kehinde Ogundare, Country Manager, Zoho Nigeria
SHARE

By Kehinde Ogundare, Country Manager, Zoho Nigeria

There is absolutely no doubt that collaboration is crucial to business success in today’s world. That obviously applies to work done within organisations. However, effective collaboration between different organisations can be incredibly beneficial, too. In fact, some of the biggest brands in the world have seen significant marketing and revenue boosts through innovative collaborations with other brands.

One thing that’s common across successful collaborations is a detailed, watertight contract. Such contracts not only ensure both parties understand and stick to their particular roles, but also play an important role from a legal and regulatory compliance perspective. Thanks to last year’s passing of the Nigeria Data Protection Act 2023—which aims to protect the personal data of individuals and organisations—the latter now becomes ever more critical.

With that in mind, how can Nigerian businesses build effective collaborations in 2024 while navigating contracting challenges? Furthermore, how can they do so in a way that ensures they’re fully compliant with the law and regulators?

- Advertisement -

The benefits of brand collaboration

A 2021 study found 71% of consumers enjoy co-branding partnerships. There are also significant marketing and awareness benefits to successful collaborations. One study, for example, found brand collaborations can be up to 25 times less expensive than a dedicated digital advertising campaign. Brand collaborations can also be incredibly useful in helping brands attract new customers, generate publicity, and enter new markets. They are, in other words, something businesses of all sizes can benefit from and should explore in 2024.

Dotting the “I‘s“ and crossing the “T‘s“

As with any relationship, however, things can go wrong if both parties aren’t absolutely clear on their roles and responsibilities, which is what makes contracting so important. In some cases, contract negotiations can take a long time and get expensive if the two companies involved rely on outside legal counsel to finalise the agreement.

- Advertisement -

Fortunately, with the right technology in place, the entire process can be a lot simpler and streamlined. Of course, not all contracting software are created equal. Ideally, businesses should look to use contracting software that streamlines the contracting process from authoring and approvals to negotiations, execution, and post-execution management.

Good contracting software can also help an organisation create risk-proof contracts, using templates that cover everything from non-disclosure agreements (NDAs) to master service agreements (MSAs). This additionally helps ensure there is consistency across all contracts. If that contracting software fits into a well-designed productivity suite, its data can also feed into the overview that allows organisations to check on things such as milestones, clauses, obligations, counterparties, performance, and other general contract attributes.

Regulatory wrangles

Another essential attribute to look for in contracting software is whether they help organisations comply with all the laws and regulations in any geography they operate in. After all, if the clauses contained within a contract don’t meet legal and regulator compliance, it’s effectively worthless. There are further compliance dangers if there isn’t an accurate view of all versions of a contract or if roles and permissions aren’t clearly defined.

In Nigeria, that kind of compliance is only going to become more important. With the passing of the Nigeria Data Protection Act 2023 in June last year, organisations will have to do everything in their power to protect consumers’ and other businesses’ information. Having oversight and control of the entire contracting process makes that much simpler.

Good contracts benefit everyone

Ultimately, for Nigerian businesses to see the full benefit of collaborations, they must ensure their contracting is watertight and fully compliant. For that to happen, they must choose the right contracting software.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByOkay.ng
Follow:
Okay.ng launched under OKN MEDIA PUBLISHING (RC Number: 2993580) in the year 2012 is an independent digital news platform with thousands of page views and unique visitors every month
Previous Article Nigerian Air Force Strike Neutralizes 30 Terrorists in Kaduna
Next Article Daniel Bwala Meets Tinubu in Paris

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 weeks ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

NNPC
Senate Issues Ultimatum as NNPCL Fails to Appear Over N210 Trillion Audit Discrepancies
Energy & Oil
Federal Revenue Agencies to Undergo Restructuring as President Tinubu Enacts Major Tax Reform Legislation
News Top stories
BREAKING: President Tinubu Endorses Four Major Tax Reform Bills
News Top stories
Lagos State Government
Lagos State Government Refutes Peter Obi’s Allegation of Property Demolition, Orders Probe
News
Oyo State Governor Seyi Makinde Renames Polytechnic Ibadan in Honour of Late Dr. Omololu Olunloyo
News
- Advertisement -
Ad imageAd image

You May Also Like

News

BREAKING: President Tinubu Withholds Assent to NDLEA Bill Over Proceeds Clause

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
News

BREAKING: High Court in Lafia Sentences Timileyin Ajayi to Death for Killing Corps Member

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
PoliticsTop stories

Barau Jibrin Pledges Unwavering Support for President Tinubu on 2027 Election Decisions

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?