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 …
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 …
Customers use contract approval software for better contracting process. More often than not, the missing part is a way to manage contract approvals. You know the pain – you need to order a big piece of machinery, but it needs to be signed off by accounting before you can. This kind of internal flow holds …
Excel as a contract tracker tool appears to be here to stay. Incredibly, 60 percent of federal contractors say that they use Excel to track their agreements (according to Baker Tilly) – which means that if you’re keeping track of contracts in Excel, you’re not alone. We don’t recommend it for everybody, though. In the …
Working in the legal field is a mentally stimulating career. It seems there’s something new to learn every day. At Contract Hound, we have the privilege of helping those in legal, finance, marketing, and other departments manage their contracts using reminders. One of the reasons our customers love us over other contract management software tools is …
A subcontractor contract is a formal written document detailing the deliverables, timeline, and other important factors during a partnership between contractors. There are various elements that subcontractors should watch out for that will impact the agreement. This week, we we’ll be sharing a checklist of items you should include in your subcontractor agreement to ensure …
Do you ever get the nagging feeling that you’re forgetting something? For instance, when is your insurance policy going to end? Your parking permit? Your mobile phone plan? That utility contract? There’s a lot for us to keep track of. And if you’re a growing business, there’s even more. So it’s no surprise that more people …
How many insurance policies are currently protecting your business? It’s not a simple question. Most businesses have a range of insurance policies protecting different types of assets. And unless you’re paying attention, the policies you have in place can easily expire without your knowledge. If you’re not aware that your insurance policies have expired, then …
Like its name suggests, an exclusive contract is one that restricts a party from providing the same goods/services to others for a specified period of time. This can also be applied in the context where a company obtains exclusive rights and agrees to do business exclusively with another company. We’ll examing exclusive contracts in some …
So many contracts. So many brand names. Such little time! But if you’re wondering about the differences between ContractSafe vs ContractWorks, we’re here to help. And perhaps also to persuade you that Contract Hound might be a better choice… As well as being more imaginatively named 😬 Here’s what we’ll cover: Contract Hound: An Affordable …
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 this blog post, we’ll be pitting two of the biggest names in contract management against each other in a Concord vs Agiloft showdown of the titans – but we’ll also take a look at why Contract Hound, with its simpler user interface and streamlined feature set, might actually be a better choice… This comparison …
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 …
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. …
Are you ready to ride the wave and convert to using cloud contract management systems? In 2024, 94% of enterprises are already using a cloud service (whether private or public). Plus, the cloud transition has also been further accelerated by the pandemic – so here’s our guide to the pros and cons of cloud contract …
Juro’s contract management software claims to offer flexible plans to suit all business sizes. But as experts in small business contract management ourselves, we had some questions – so we decided to get some answers about the various Juro pricing plans once and for all. As of May 2021, baseline pricing for Juro is charged …
Having a proper termination process within your company is just as important as hiring and onboarding – and notifying people is an important part of the termination process. So in this article, we’ll be sharing some tips and templates to guide you in drafting up professional contract termination letters. Contract termination is inevitable in every …
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 …
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 …
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 …
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 …
How long does it take you to retrieve a contract from your company’s database? Do you know specifically where to access each piece of contract information? A good contract management system acts as both a repository and contract management tool. So in this article, we’ll introduce why you need a contract repository, how it benefits …
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 …
Finding the right contract support software for small businesses or nonprofits does not have to be a difficult or painful process. Although some companies offer complex packages with features that no small business needs, here at Contract Hound, we offer simple contract management software to fulfill this market. In this post, we will outline the …
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 …
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 …
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 …
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 …
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 …