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.
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.
For businesses that have grown beyond a certain size, efficiently managing contracts is a full-time responsibility.
The signatories of a contract have a lot on their plate during the document’s lifecycle. Among other tasks, the organization needs to ensure that it meets all deadlines, provides all deliverables, and adheres to all requirements outlined in the contract.
In order to handle these duties, many businesses hire one or more contract administrators. But what is a contract administrator exactly, and how do they carry out their daily responsibilities?
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.
An eContract, or electronic contract, is a legal document created and signed online. It is essentially a digital version of a traditional paper contract. As with paper contracts, eContracts are agreements signed by two parties. They are enforceable and legally binding documents that are typically used regarding employment, sales, services, or tenancy. With a typical paper contract, one party drafts an “offer” and the other party reads over it. If both parties agree to the terms and conditions listed in this initial offer, they will each sign the document and it becomes a valid contract. Each party must hold up to their end of the agreement or they face the risk of legal recourse. This is no different with an eContract. Although a paper copy is not presented, a digital signature still enters both parties into a legal agreement.