Optical Character Recognition (OCR): What Is It and How Does It Work?
Optical Character Recognition (OCR) technology is the conversion of scanned images that are handwritten, printed text, or typed into machine-encoded text. Sounds too technical? Don’t worry; you don’t need to be an experienced developer to learn about it and how it works. In this post, we’ll discuss the basics of OCR technology. All About OCR […]
The Difference Between Redlining and Blacklining Contracts
Throughout the centuries, men have created historical moments and built impactful relationships based on blood oaths, handshakes, and promises. While these methods have proven to bind institutions and people together, they have been rendered irrelevant and insufficient as society evolved and technology advanced. When building relationships and completing business transactions today, contracts are expected to […]
Top Contract Management Mistakes You May Be Making
It comes with no surprise that contract management requires several skills. In essence, contract managers are meant to think like consultants, wherein they’re encouraged to find the root cause of every issue. Consultants are known to find every root cause in defective processing, and once they identify this, they can create necessary changes in the […]
Why Does Contract Management Matter, Anyway?
If you’ve been running a business, then you’re most likely familiar with signing contracts, whether with your employees or business partners. Contracts are undoubtedly crucial collaboration and communication tools, which significantly impact your business’s relationships and revenue, but simply coming to an agreement with other parties won’t catapult your company to the top. Beyond drafting […]
How to Conduct a Proper Contract Review
No matter how small or large the project, every business relationship starts with a client contract. It’s an important document that lists the terms, conditions, and agreements for all involved parties, so crafting a contract is not something anyone can write and sign on a whim. Agreeing to the contract without analyzing its contents can […]
4 Small Business Strategies for Negotiating Contracts
New business relationships are fragile. The period between a handshake deal and a signed contract can be nerve-wracking but it’s really important that you take negotiations seriously. These four strategies for negotiating contracts will help get the best outcomes for your business and protect it from a breach. 1. Know What Your Contract Should Cover […]
How AI Contracts are Changing Business
Artificial intelligence is revolutionizing the world of business, including AI contracts. In this blog, we explore how it works and how your company can take advantage of this new technology’s benefits. A Short History of Computer-Assisted Contract Management Once upon a time, contracts were a paper-driven endeavor. Humans have had contracts almost as long as […]
How to Execute a Contract the Right Way
As with so many things in small business, there is a right and a wrong way to execute a contract. While contract execution may seem to be the pretty simple, easy step of getting your contract signed and launching into a partnership, there are a few traps. Executing a Contract with Electronic Signatures The horror […]
Contract Arbitration: 3 Advantages and 3 Disadvantages for Your Business
When a contract breaches and a relationship goes sour, contract arbitration is a common way to settle the parties’ differences without going to court. Arbitration can save both parties a heap of money, and potentially other costs like a messy, public court battle. It sounds good, right? And it is an option but there are […]
5 Essential Questions to Ask When Auditing Contracts
When it comes time to audit contracts for your small business, it’s important to go in with a plan. A self-audit is a really powerful tool to examine and reconfigure your cash flow. Here are our tips for how best to do it. The Basics of Auditing Contracts for a Small Business First of all, […]