The difference between a buy side contract and a sell side contract seems straightforward, contained within the terms themselves. "Buy side" contracts involves buying things, and "sell side" contracts enable sales to your customers. But few things are as simple as they seem, especially in business. Although the two sides are different in their purpose, they do share similarities that will be exposed as we dive deeper into the comparison.
Contracts are at the very heart of commerce – they often govern each and every dollar that comes in or goes out of an organization. And yet, using contract processes that are highly inefficient remains one of a business’ most common challenges.
Businesses enter into contracts for certainty. But did you know that all contracts - no matter how well written - involve a degree of risk? Contracts, in fact, may actually create risk in business transactions. From initiation and negotiation to award and renewal, contracts involve complex actions that can and do go wrong. The goods news is that contract Lifecycle Management (CLM) software can help to mitigate that risk. In this article, we review the nine stages of CLM and offer ideas on best practices to ensure that your business runs as smoothly as possible.
For businesses that have grown beyond a certain size, efficiently managing contracts is a full-time responsibility.
The signatories of a contract have a lot on their plate during the document’s lifecycle. Among other tasks, the organization needs to ensure that it meets all deadlines, provides all deliverables, and adheres to all requirements outlined in the contract.
In order to handle these duties, many businesses hire one or more contract administrators. But what is a contract administrator exactly, and how do they carry out their daily responsibilities?
Contracts form the basis of every business relationship. When someone signs a contract, the document outlines each party’s expectations. Those contract expectations often include what products or services you will provide, the date you will deliver your products or services, and how much money you will receive in compensation.
A contract is an agreement that imposes obligations on both parties. But when does a back-and-forth negotiation turn into a contract that holds up in court? Legislation and past cases have developed many essential rules that every business owner should know.
Companies enter into contracts as a routine part of business. But some contractual elements could put your business at risk for breach of contract, negative financial consequences and more.
“Initiate a proper handshake and the whole world opens up for you.” ― James D Wilson
Contracts form the cornerstone of your business. They are formal promises between parties, essential agreements that govern every aspect of your daily operations. Contracts are not simply legal technicalities: They can also set the tone of a relationship. Choosing to uphold your responsibilities in a contract, and the actions you take when obligations are not met, both say a lot about how you do business.
An eContract, or electronic contract, is a legal document created and signed online. It is essentially a digital version of a traditional paper contract. As with paper contracts, eContracts are agreements signed by two parties. They are enforceable and legally binding documents that are typically used regarding employment, sales, services, or tenancy. With a typical paper contract, one party drafts an “offer” and the other party reads over it. If both parties agree to the terms and conditions listed in this initial offer, they will each sign the document and it becomes a valid contract. Each party must hold up to their end of the agreement or they face the risk of legal recourse. This is no different with an eContract. Although a paper copy is not presented, a digital signature still enters both parties into a legal agreement.