The value of tracking facility contracts

The Dutch magazine Quote reports that Oracle missed out on the termination notice on the contract for their office in Amsterdam. The result is the contract being renewed tacitly and Oracle losing an estimated € 1.5 million on an unused office over the coming 5 to 10 years. In addition Oracle failed to seize the opportunity to adjust the rent to market rates, only adding to the gravity of the situation.

These kinds of incidents illustrate the importance of having decent tracking on your contract administration. Even while one would expect that the largest ICT service companies like Oracle would have their contract management sorted out, the opposite is evident. Make sure that you do not miss out on tacit renewals, manage your contracts using dedicated software, or even on paper if you have to.