Why MSPs Need Dynamic Contract Updates
Introducing Monjur’s Contracts-as-Service with Vendor Risk Mitigation
The digital landscape is constantly evolving, and businesses need to keep pace. Nowhere is this truer than in the world of Managed Service Providers (MSPs). Not only do MSPs need to stay abreast of technological changes, but they also need to consider frequent legal updates, particularly in contracts. Monjur’s Contracts-as-a-Service solution has been designed to address these specific needs, offering dynamic updates and built-in vendor risk mitigation. Here’s why these features are so crucial.
The Urgency of Contract Updates
New data protection laws like the GDPR and CCPA have redefined the rules of engagement. Now many states are passing their own data privacy laws including Virginia, Colorado, and Connecticut. For MSPs, staying in compliance means regularly updating customer contracts, a task that can be both labor-intensive and prone to human error.
The adoption of new technologies such as AI, machine learning, and IoT can necessitate revisions in contractual obligations, service levels, and risk-sharing clauses. Our frequent updates make sure that our client’s contracts stay current with emerging technology.
From shifts toward remote work to the implementation of new cybersecurity protocols, changing industry norms can have profound implications on existing contracts. On recent update makes clear that MSPs that assist clients with security questionnaires or applications for insurance are not responsible for any adverse actions taken by the insurance carrier in claims or underwriting.
The digital age demands agility and customization. Sticking to outdated, boilerplate contracts could result in lost business or even legal ramifications. Our industry leading templates are purpose built for managed services and contain many industry specific provisions designed to mitigate risks.
Vendor Risk Mitigation: A Must-Have in Today’s Ecosystem
Third-party services are integral to most MSP offerings, yet they introduce another layer of complexity and risk. This is where Monjur’s Contracts-as-Service model shines. Our Schedule of Third-Party Services acts as a built-in waiver of the end-user’s right to sue the MSP for any act or omission of a third-party service provider.
Why This Matters
- Liability Protection: This safeguard insulates MSPs from legal fallout due to third-party shortcomings or errors.
- Strengthened Vendor Relationships: MSPs can more freely form partnerships with various vendors without taking on additional legal risks.
- End-User Transparency: By making it clear what the MSP is and isn’t responsible for, end-users can engage services with well-set expectations.
- Competitive Edge: Features like these set MSPs apart, making them more attractive to potential clients.
Monjur’s Dynamic Contracts-as-Service: Out with the Old in with New
With Monjur, MSPs get dynamic updates to contracts that cover:
- Compliance: Automatic updates in response to new laws or regulations.
- Technological Shifts: Adaptations to contractual language to incorporate new technologies.
- Vendor Risk: Dynamic adjustments to the Schedule of Third-Party Services to reflect new partnerships or changes in existing ones.
In a fast-paced world that demands real-time solutions, Monjur’s Contracts-as-Service offers MSPs the flexibility and protection they need. With dynamic updates and features like vendor risk mitigation, we take the stress out of contract management so you can focus on growing your business. To experience the future of contract management, visit our website or contact us for a demo today.