Contract Lifecycle

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 …