The non-disclosure agreement (NDA) is one of the most common contracts in business. NDAs often make up the largest quantity of any contract type a company will generate, negotiate, sign, and manage. For that reason alone, automating this agreement can free up hundreds of hours per year, many of them spent by highly paid in-house counsel or outside legal firms.
Creating and managing contracts is the key to business success but is rarely anyone's favorite part of the business process. You may well dread contract development because of the complex negotiations required but also because of the risks these vital documents can contain.
Contract audits are good example of the oft-quoted maxim: Trust but verify. Contracts are created to provide a degree of certainty so business can proceed. Trusting in the contract’s terms, both parties start fulfilling their side. But over time, fulfillment can fall short, costs can grow, and management of the contract can go astray.
Contracts are essential in any business, and while "landing" a contract is always celebrated, you know that creating and executing one is not done overnight. Even with your expertise in the area, managing contracts can be a complex and time-consuming task.
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.
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.
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.