A wet signature, in legal terms, refers to a person’s name written by hand on a physical document, typically using ink. The wet in the sentence refers to the ink requiring some time to dry. This traditional form of signing has been the standard method of authenticating documents for centuries. Historically, signatures have been used …
All contracts have an expiration date, whether they’re vendor contracts, employment contracts, tenancy agreements or another type of contract. When that expiration date approaches, you may need to send a formal contract reminder letter to remind the parties of the impending expiry, or to renew, renegotiate or cancel the contract (ideally, before the contract expires). …
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 …
Roll your own Contract Repository For organizations on tight budgets or with small contract volumes, here’s how you can roll your own contract management. See our Keeping Track of Contracts in Excel post to download our free Excel template. Step 1 Assign Responsibility The first and most important step is assigning responsibility inside your business …
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 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 …
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 …