5 Key Contract Management & Procurement Terms
Whether it’s a bag of chips or a new release software, no matter what you purchase, each item you buy will come with a contract. When you run a business, you’ll know that as your business grows, the more purchases you’ll need to make to meet your team and client’s expectations. With that, you’ll need […]
KPIs to Stay On Top Of During Your CLM Implementation
Companies must understand that their contract lifecycle management or CLM process is very important when it comes to handling and mediating the business’s relationships. There is so much data involved, and it’s a must to keep tabs on every single part of it. Good contract management will lead to the proper information and insight needed […]
Are E-Signatures Truly Valid?
Today, online transactions are more popular than ever before. Aside from the fact that today’s era benefits from technological advancements, most businesses and companies hire international workforces and deal with international partnerships, making online transactions more significant. With the growing popularity and number of online users, most of you probably wonder if online transactions and […]
Can a Contract Management Software Protect Important Data?
Contracts are essential legal documents that, when in the wrong hands, could cause significant trouble. That’s why it’s crucial to protect your company’s contracts from potential security breaches. One effective way to do so is through the implementation of a contract management system. Companies often use contract management software to create and renew contracts. You […]
How Digital Contract Management Can Reduce Overhead Costs
If you’re a business owner, you may be familiar with contract management. However, not everybody understands the advantages of this discipline. With contract management, you may address specific issues in your company by simply gaining access to industry-wide statistics and data. And as you gather new knowledge and information, you get to adapt the best […]
How Does Contract Analysis Work?
Proper contract management offers many benefits. Having different terms and conditions clarified in text can address so many situations and misunderstandings. The workflow goes much smoother, and it’s easier to just resolve any problems that may arise with employees, partners, vendors, and more by recalling the arrangements made. Most businesses tend to overlook their contracts, […]
5 Best Practices That Can Improve Your Contract Compliance
Each step of the contracting process needs careful attention and patience to make sure each clause is to your liking. Negotiating the contract can be tedious and exhausting, typically resulting in numerous drafting rounds as lawyers argue until everyone is happy with the contractual language used. However, once you’ve signed the deal, there’s another matter […]
Types of Damages That May Result From Breach of Contract
Before going on to talk about breach of contract, let’s first explore what a valid contract actually is. In a nutshell, when at least two parties come to an agreement, they can take out a contract to make it legally binding. Essentially, this document has the terms and conditions of promises that were verbally agreed […]
Can HR Managers Be Contract Managers?
Various departments in a company can confuse work peers. With that being said, a common mistake is that people tend to interchange roles like human resources managers and contract managers. On the surface, they can seem pretty similar, but each role demands specific skill sets, expertise, and knowledge. Today, we’ll dig a bit deeper into […]
Breaking Down the Stages of Contract Lifecycle Management
When handling contracts, it’s always a good idea to track their progress from its early stages. This will ensure that all parties have a clear understanding of the whole process, allowing you to meet all the requirements and objectives that will promise optimal results. For this reason, many businesses rely on contract tracking software that […]