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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 …

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Contract Risk Management Guide 2021
Contract Lifecycle

A Guide to Contract Risk Management

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: …

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Contract Templates

How To Write a Contract Reminder Letter

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). …

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Contract Negotiation Cover Image
Contract Lifecycle

A Guide to Contract Negotiation

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 …

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Simplicity is the keyword, in contract management software
Software

Simple Contract Management Software: What Should You Look For?

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 …

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Contract closeout guide and checklist-hero image
Contract Lifecycle

Contract Closeout: Guide and Checklist

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 …

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Contract Signing Online - Guide
Contract Lifecycle

How to Make Contract Signing Online Secure and Effective

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 …

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Contract Administrator Hero
Contract Lifecycle

The Contract Hound Guide to Effective Contract Administration

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 …

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Temporary Contracts: An Employer's Guide
Contract Magic

Everything Employers Need To Know About Managing Temporary Contracts

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 …

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Contract Types Header
Contract Magic

What Different Commercial Contract Types Are There?

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 …

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