When organizations think about adopting contract management software, they often start with preconceptions. These “myths” aren’t always totally wrong – but they can be misleading. Here are six contract management software myths that should be reconsidered.
All contracts go through a cycle from request to creation, approval, negotiation, signature and onboarding (or put-away). From there the cycle continues as the contract is managed, goods/services are delivered, payment is made, and, at last, contracts are renewed or terminated.
The GDPR (General Data Protection Regulation) of the European Union became effective on May 25, 2018. Organizations inside and outside the EU should comply by that date, but many are still getting there. Reaching and remaining in GDPR compliance is an ongoing responsibility that affects an organization’s contractual commitments. Here is an overview.
Automation of your contract management process brings improvements in efficiency and effectiveness. It also helps you document them with better reporting. Here are three examples.
A contract playbook lists the terms and conditions of a contract type and provides clear guidance to negotiators for defending these provisions, offering variations of these provisions, or holding fast to the provisions as non-negotiable. Playbooks also give negotiators instant access to a plain language rationale for the organization’s use of a given clause and when to escalate an issue to a legal or business approver.