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.
Professional organizations are tremendous contract management resources. Many of the benefits are available with a simple website visit, while membership can open doors to education, certification, and one-on-one connection with colleagues facing similar challenges.
Merger and acquisition events can present significant challenges for legal, legal operations, and contract management professionals. Questions about contractual risk and process before, during, and after M&A activity often do not have clear cut answers. This post will discuss 3 reasons why contract management software is an essential tool for companies going through these types of transactions.
At their core, contracts are simple things. But managing them is where the work of legal teams gets complex. From initiation and drafting through to implementation and renewal, contracts demand constant attention. As such, contract management is often one of the most time-consuming aspects of legal work.
Did you know that the software used to manage contracts may also hold the key to better negotiations? Contract management software stores contract documentation, organizes performance of obligations, automates requests and processes electronic signatures. But it also provides an opportunity for deeper insights into negotiations. In that regard, it can help general counsels, attorneys, contract managers and procurement professionals to improve their negotiation strategy.For some, it might not be obvious that contract management software can be a solid platform for contract negotiations. And the benefits for the team may be even broader. Improved negotiations mean saved time, lower stress, and better stakeholder relationships. Read more to discover the best strategies and how contract management software can support them.
‘Workflow automation’ refers to technologies that use predetermined processes and rules-based logic to complete certain tasks on a recurring basis without the need for ongoing user input. Workflow automation has proven beneficial in many industries, not least because it has led to time and cost efficiencies. General counsels can achieve these efficiencies themselves through automation tools in Contract Management Software, also known as Contract Lifecycle Management (CLM) software. They stand to gain not only savings in time and money, but also improvements in deal completion. Indeed, automation can save deals that might otherwise expire because of missed deadlines, poor organization, or ultra vires lifecycle progressions.
In today’s high-tech marketplace, compliance standards are always changing. Competition is tough. Your success isn’t resting on just one element. An interconnected web of contracts and agreements influences your business. Proper management of your contracts and their lifecycles calls for comprehensive tools, such as contract lifecycle management (CLM) software.
Procuring items for a place of business has often been a lengthy process in the past. Finding the item that the company needs, agreeing to terms in exchange for an item. Then, finally, acquiring the goods or services needed from the external source who had that good or service. Thankfully, contract lifecycle management software makes it easier to procure goods and services.
Addenda and amendments to contracts often contain critical details related to payment or performance. Too often these important contract elements are used incorrectly or overlooked. Learn when you should use an addendum and when an amendment is more appropriate.
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.