When Is It Time to Review Your Contract Management Process?
Any thriving business requires contract management processes. With it, you increase efficiency by ensuring that everybody delivers work on time, you fulfill your company’s commitments, pursue potential revenue streams, assess legal and economic concerns, and so on. Unfortunately, recognizing warning indicators are a frequent oversight for many managers. When your contracting processes are ineffective, issues […]
5 Important Elements of A Sales Contract
Customers and clients naturally want to protect their rights when purchasing products, especially since sales involve putting their money in your hands — the seller. This is why every business that involves transacting services, goods, real estate properties, and other products require a formal agreement known as a sales contract to protect all parties involved. […]
Clickwrap Agreements: Are They Enforceable?
The Internet is a vast and wonderful place, rich with information that can be accessed with just a tap of a finger. However, while the world wide web is chock full of accessible resources and data, many fail to realize it is also a virtual landscape full of contracts and legalities. Whether creating an account […]
All the Ways Poor Contract Management Can Set You Back
Contracts play a huge role in successful businesses. They work as formal agreements between the company and its suppliers in making purchases or selling goods and services. It takes skills and experience for these contracts to be managed efficiently and effectively throughout the contract lifecycle. However, most businesses focus on them only during front-end negotiations. […]
What Small Businesses Need to Know About Procurement Contracts
No organization can survive without collaborations and relationships. One idea may launch a company, but to ensure its survival and growth, you must recruit the right people and form mutually beneficial relationships with other business leaders in your industry. When collaborating with different organizations, it’s crucial to have a contract to define the relationship and […]
How Contract Automation Can Be the Key to Further Business Growth
Businesses are taking strides in virtual operations ever since the pandemic began. Workers had been forced to do their work online, but that has also shown great benefits; employees are able to be much more productive by focusing on work and communicating online only when needed. This movement has begun to highlight other ways of […]
Can a Contract Management Software Protect Important Data?
Organizations typically need to establish a system for contract management. They must do this to make processes efficient. For example, a simple query could cause several minutes’ worth of delays if a company has no system for locating the latest versions of contracts. Having a traditional document management scheme also exposes a company to more […]
What Makes A Contract Valid and Legally Binding?
People know the power a legally binding contract holds; that’s why it’s wise to read the terms and conditions before agreeing blindly to the document’s contents. Breaking the agreement can lead to legal repercussions, but a contract ensures all parties involved hold up their end of the bargain. Contracts that are brimming with legal jargon […]
Can Anyone Draft A Contract?
Contracts are often legally binding agreements that ensure all the parties involved fulfill their part, so it’s common for professionals to exchange contracts filled with legalese and other defensible content. That’s why established businesses often hire a qualified lawyer to draft their contracts, but what about start-up owners, aspiring moguls, or budding entrepreneurs who don’t […]
The Important Role of OCR in Contract Management
Thanks to technological developments, many of us have streamlined various business operations and tasks, allowing us to improve our productivity, efficiency, and customer service. With that in mind, one of the most significant advancements today is optical character recognition or OCR. OCR is fairly easy to understand — it is a technology that permits a […]