As your company grows in size, so does the number of contracts you have to manage. When you have a sizable contract repository, it is a good time to consider adding a contract manager to your growing team – but what skills should you be looking for? Contract managers play a critical role in companies …
In most cases, once you sign a contract, you are legally obliged to fulfill what was stated in the agreement. However, there are exceptions that could lead to the contract being “void” or “voidable”. Knowing the difference and what makes a contract invalid will enable more effective contract reviews during the drafting stage and avoid …
Unlike in large companies, small companies usually do not have a specific individual as a contract administrator – so who is responsible for contract management inside a small business of 10-100 employees? Most Commonly: The Finance Team This is the most common way of handling contract management in small companies. Typically the finance department is …
For contractors, freelancers, and small businesses, getting a wet signature on contracts and other legal documents can be a major time suck. We’re seeing a shift to digital and electronic signatures – which means we can do business faster than ever. However, the transition from physical to digital means we must be able to accept …
Temporary contracts are normally a form of employment contract. Each temporary employment contract has an end date to take note of for renewal or termination. They are often more flexible than permanent contracts, because temporary contracts include fixed end dates that can be renegotiated by both the employer and the contractor. But here also lies …
Contracts act as a legally binding agreement between parties – they ensure adequate compensation after the fulfilment of contract obligations. With so many agreements needing a contractual base, there are many different contract types used across several industries – but for the majority of commercial contracts we encounter in our clients’ day-to-day business, contracts are …
As your company grows, the more legal agreements and formal contracts you’ll have to make to secure your partnerships. These can be in the form of purchasing goods and services, haggling for lower prices, entering a new job, etc. As such, you must understand the aspects of formal contracts to protect your business and ensure …
If you are running a rapidly growing business, you’re likely find yourself in need of vendors that can provide you with products or services critical to your operations. While many vendor businesses today choose “standard form” contracts for the sake of consistency and uniformity, it is still possible that you may find yourself negotiating customized …
What are the differences between contracts and agreements? Both are important for partnerships between companies and other organizations. Still, many often get confused between the two and unknowingly enter into agreements that may or may not be legally binding. In this article, we’ll introduce the differences and the benefits of one vs another. What are …