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.
A common question in the world of contracting and contract management is “What is the difference between a contract addendum and a contract amendment?” Addenda and amendments to contracts often contain critical elements related to payment or performance. Too often these important contract elements are used incorrectly or overlooked.
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.