What is Contract Management for Legal Departments
Every business’s foundation is built through agreements and contracts. Whether you’re buying materials from suppliers or finalizing invoices for your clients, these transactions need to be organized through proper contract management. Unfortunately, many business owners still go through this process manually or with limited digital assistance. Optimizing Your Workplace Using digital tools is a common […]
8 Questions to Ask When Auditing Your Contract Management Process
Are you fully confident in your company’s contract management process? Since the contract will dictate every aspect of a professional relationship, many tend to invest considerable time and resources in drafting agreements to their liking. Once the contract is finalized, both parties can sign the deal confidently, forming another relationship that will hopefully bode well […]
How to Manage Your HR Contracts
The role of HR in any company is very significant. And one of HR’s responsibilities is to handle the different employee contracts. However, keeping track of all the contracts involved can be challenging when your company has many employees. Luckily, there is a more efficient way HR can fulfill its duty of handling contracts, and […]
The Impact of Contract Automation in the Business World
Automation anxiety has been around since the industrial revolution. It is the fear that human labor will be rendered obsolete by machines. Technophobes paint technology and automation as a villain to be reviled. However, technology is, above all things, a tool. Much like a hammer, it can be used to destroy or create, depending on […]
5 Types of Breach of Contract You Need to Be Aware Of
Contracts are an essential component of business partnerships. As legally binding documents, they ensure that everyone is upholding their end of the deal. If there is a breach of contract, when a party breaks the terms agreed upon, there can be hefty penalties. There are multiple types of breaches of contract, so it is crucial […]
How to Streamline Redlining and Negotiating in Contracts
An effective agreement is the result of effective redlining of contracts, collaborative negotiation, and rigorous editing. This step may seem tedious and challenging, but it can be done easily with the right strategy, efficient Contract Management Software, and the best tools. Several parties look through every contract, and multiple teams work on it simultaneously. Therefore, […]
Contract Management Trends to Watch Out for
Recently, there has been a lot of talk about contract management and its role in reducing future risks. In the last year, many firms have realized that their current management approaches are unfit for purpose, especially in the face of a crisis like the Covid-19 outbreak. In response, an increasing number of organizations are turning […]
4 Industries that Utilize Contract Management Software
Using technology to optimize business processes has since been a staple for many industries. Thanks to the fast-paced demands of the consumer market, companies must also exercise efficiency with the help of digital tools and mediums. One essential feature no business owner should miss is an effective contract management software. Contrary to popular belief, businesses […]
5 Main Reasons To Automate Document-Based Processes
Digital transformation requires businesses to use technology that disrupts the status quo and develops delivery and business models that were impossible even a decade ago. Digital is the face of the new era. It’s fast, it’s vast, and you’ll have plenty to lose if you don’t keep up. It’s much more daunting when you’re still […]
How Contract Management Systems Can Detect a Breach of Contract
Contracts are formal agreements to exchange products or services between parties. These formal promises shape the business’s daily operations. Besides being legally binding, they set the tone of the parties’ working relationship. In other words, they serve as the business’s foundation. For this reason, knowing the basics of breach of contract is crucial. What Are […]