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 …