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.
In years passed and even today, Contract Mangers are often fighting an uphill battle as they relentlessly seek to ensure that the contracting process within their organization is simple, accessible, efficient and actionable. Meanwhile, the business user constituency at large has a very limited level of appreciation and patience for our beloved Contract Managers. As a result, today’s Contract Professionals must continually demonstrate value in the midst of getting their day-to-day activities completed. And this begs the question, what do today’s progressive contract managers focus their energies on and how do they have the most significant impact for their respective organizations?
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.