There is a lot of effort in organising your contracts, but we suggest putting some time in to thinking about how you’re going to organise them before you start. Because it’s a big collection effort, getting your data in the right format can save a lot of time down the road. A little bit of …
This is the full 2024 guide for choosing the best contract management software for small business. It may not be sexy, but it is smart. Having a great contract management process can make the different between a stressed day and a calm day… Or an audit failed and an audit passed. Picking the right solution …
What is a Contract Repository (or contract database?) A contract repository is a centralized location storing all of your key contract data. As the volume of your contracts grow and people enter and leave the organization, managing your contract data becomes critical to running an efficient organization. A contract repository is the go-to database that …
While every contract is different, we wanted to put together as comprehensive a checklist as possible on how to review contracts. Remove items from the checklist that aren’t applicable to you. Download Excel Version Parties Involved * Verify the legal names and addresses of all parties* Confirm the authorities of the signatories Scope of Work …
An executed contract can mean one of two things. (1) a contract that has been signed by all parties or (2) a contract where all the obligations are fully performed. Typically in business sales related contracts, executed refers to the contract being fully signed and now legally enforceable. In industries like real estate, executed means …
A Contract Manager orchestrates the Contract Management Lifecycle. The creation, execution and analysis of contracts to maximize operational and financial performance, while reducing risk. Key Responsibilities What skills does a Contract Manager typically possess? The key skills for contract management are: Popular certification programs for Contract Managers in the US are CCCM or CPCM What …
A bilateral contract is a contract where two parties both make promises to each other. A party refers to a person or organization that has signed an agreement and is expected to follow the terms. The simplest example is what we think of as standard business contracts. A manufacturer and a retailer enter in to …
When most of us think of contracts, we think about what we would call a bilateral contract. A bilateral contract is an agreement between two parties. Unilateral contracts are agreements where one individual or organisation (party) makes a promise or offer in exchange for something performed by someone else The key part being that the …
A wet signature refers to a traditional physical signature written in ink. The wet in the sentence refers to the ink requiring some time to dry. It has become a popular term in more recent times to distinguish between paper signatures and electronic or digital signatures. Where are wet signatures still required? While electronic signatures …
No contract lifecycle is complete without compliance. In fact, according to global management consulting firm, McKinsey & Company, companies that fail to invest in a proper contract management system stand to lose up to 9% of their revenues annually. This is where successful compliance programs come into play, as they help mitigate these potential losses. …
How efficient are your contract lifecycle management processes? According to Aberdeen Research, an average company takes about 20-30 days to create, negotiate and finalize a contract. If you are looking for ways to shorten your contract lifecycle, it is time to consider contract automation. Through automation, you can cut more than half of the time …
According to a recent study from Canada, small businesses with more than ten employees spend two hours a week searching for documents. The cost? $5,760 every year. Most small businesses eventually reach a point where they need to start thinking about better document management. But document management is just as important to a small business …
Of all the teams in a business, the procurement team is often the one using contract management software the most. Contract management in procurement is critical, because the contracts that procurement teams manage are often the foundation of the company. If you’ve ever been in a procurement role, then you know how important it is …
Every contract has its associated risks, and although no risks can ever be 100% eliminated, there are various ways to protect and mitigate against potential risks. This week, will be sharing a simple risk management framework and some best practices in risk mitigation. What Is Contract Risk? Contract risks are generally associated with two issues: …
Want to be an expert in negotiating on your contract terms? Contract negotiation is the process of coming to an agreement on a specific set of terms between two or more parties. This includes the obligations each party must fulfil once agreed in writing and signed. It can be tempting to rush through the contract …
Your contract closeout process can be simple or complex depending on the contract attributes such as contract type (cost reimbursement, fixed price, etc.), period of performance, type of contracted work, etc. In this post, we’ll introduce our best practice guide and a quick checklist for contract closeouts, which you should observe to effectively minimize your …
A contractor should never sign a contract without understanding and negotiating its key terms. In this week’s post, we will be sharing with you some best practices all signatories should observe when it comes to contract signing, whatever industry you’re in. Why Do Contracts Need To Be Signed? Contracts become legally binding and formal only …
Every business that wants to scale its operations needs to implement efficient contract administration and management processes. As a result, it becomes a full-time responsibility for employees, who are termed as “contract administrators”. Contract Administration is the management of contracts in general. It has the potential to impact all aspects of your business and you …
Many scenarios may warrant contract termination. Understand the clauses in your contract as well as your rights under general contract law to ensure that your termination of contract is effective and, most importantly, lawful. Wrongful termination is a real possibility and can leave your company in threat of legal proceedings. This article will help you …
The contract approval process in an organization can be complex and time-consuming. Even more so when things are not well coordinated and located on different platforms. Fortunately, you can surpass various obstacles with contract management software. The main cause of problems arising from the contract approval process stems from human factors. When many people are …
As overwhelming and complicated as a contract may be, you should never sign a contract without a proper review. The truth is, businesses both allow and expect counterparties to make changes and edits to the contract before signing it. This means that you have an option to negotiate a contract in your favor. At Contract …
Managing contracts is a crucial, yet often overlooked, part of business management. As your organization grows, so does the volume and complexity of the contracts you have to manage. Poor contract management practices can lead to costly accidental renewals, a lack of understanding of who manages the contracts, and a contract management system that cannot …
Dealing with contracts is among the most common business practices for small and large companies alike. Yet, without proper organization, contract renewal can present a multitude of challenges: costly accidental renewals, a lack of centralized record-keeping for the contracts, personnel changes, a poor handover between teams. You can easily miss a contract renewal date, especially …