Contract Redlining Best Practices
Contract redlining best practices: How to Prepare Your Company in 2022 Contract redlining is a vital part of your contract management process and you shouldn’t leave it to chance. Yet, many companies are using tools from last century to manage document redlining and negotiation, which are wasting time and resources, causing mistakes, and damaging relationships […]
What is Contract Leakage and How Can I Fix It?
No matter what kind of business you’re in, your business relies on contracts. They are the basis of almost all our relationships — from suppliers to customers, partners, contractors, and staff. It’s essential these business contracts are watertight but the fact is, many are not. What Is Contract Value? Contract value is essentially the monetary […]
Which Key Points Should be Covered in Your ERP Contract?
Having an ERP contract is paramount for businesses that want to outline each point of their project. Aside from detailing the resources and business data is important for the relevant parties, there are several key points that should be outlined in it as well. Being able to name these points in a contract will be […]
A Primer for Evaluating and Mitigating Contract Risks
Risk management is an important part of ensuring that your company’s projects are successful and mitigating risks that can harm your business. That’s why contract management is vital in risk management because there are certain risks that are involved in any legal agreement. There are a few important risk factors that you should consider in […]
3 Contract Theories You Should Know About
We’ve come a long way in how we do business. From handshakes and verbal agreements, today’s business owners have moved on to using automated contract management systems to solidify relationships, fulfill promises, and reach the goals of an organization. However, although contracts seem pretty simple to understand and easy to do thanks to the tools […]
6 Clauses Typically Found in Commercial Contracts
If you run a business, you’ve likely needed the services of a vendor or supplier to help you provide the best product possible to your target audience, which often involves a commercial contract. This document is a legally binding agreement between two or more parties that outlines what all parties must do so the contract […]
How to Track Contract Compliance
Many businesses have so many differences in their systems and operations, mostly because of the gaps in each industry. However, one thing that almost all companies have in common is that they all utilize contracts. Whether it’s for procuring the terms with an employee, a deal with another business, and more, contracts have been used […]
Updating and Managing Your Contracting Standards
Contracting is a requirement for most businesses. Without a contract, the company and its leaders may not be legally protected in any operations the company will take. As you know, contracts are pretty complicated and lengthy; that’s why most companies choose to have attorneys or a contract management team in place to oversee the portfolio. […]
KPIs to Measure the Performance of Your Contracts
A contract is critical to the success of your business since it ensures the authenticity of an agreement between a company and its clients, sellers, partners, or employees. Without an effective contract management system in place, your business may be exposed to risks throughout multiple facets of your operations—from missed deadlines that impact your cash […]
5 Types of Breach of Contract You Need to Be Aware Of
Contracts are an essential component of business partnerships. As legally binding documents, they ensure that everyone is upholding their end of the deal. If there is a breach of contract, when a party breaks the terms agreed upon, there can be hefty penalties. There are multiple types of breaches of contract, so it is crucial […]