The various types of companies serving the Real Estate marketplace is extensive and while all of them in one capacity or another use contracts, there is a heightened need for Property Management companies to have a comprehensive and well-managed contracting process. Broadly, Property Management companies usually concentrate on either Residential and Commercial properties and at times, the Property Managers will also serve as investor in addition to managing the properties.
Modern businesses invest heavily to continually improve sales performance. Yet despite the heightened levels of sophistication in these areas, the notion of integrating the discipline of contract management into a company's sales process is often overlooked. For the context of this blog post, I am going to focus on CRM and CLM technology platforms, and the benefits of integrating them.
As CIO or a senior-level technical representative for your organization, you may find yourself helping your contracting, legal, and/or procurement team as they select a Contract Lifecycle Management (CLM) product. In today’s world, there are a large number of contract management solutions options available and it is here where your background can add a unique perspective as the team drives forward with the evaluation process.
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.
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.