How to Streamline Redlining and Negotiating in Contracts
An effective agreement is the result of effective redlining of contracts, collaborative negotiation, and rigorous editing. This step may seem tedious and challenging, but it can be done easily with the right strategy, efficient Contract Management Software, and the best tools. Several parties look through every contract, and multiple teams work on it simultaneously. Therefore, […]
How Does Contract Analysis Work?
Proper contract management offers many benefits. Having different terms and conditions clarified in text can address so many situations and misunderstandings. The workflow goes much smoother, and it’s easier to just resolve any problems that may arise with employees, partners, vendors, and more by recalling the arrangements made. Most businesses tend to overlook their contracts, […]
5 Best Practices That Can Improve Your Contract Compliance
Each step of the contracting process needs careful attention and patience to make sure each clause is to your liking. Negotiating the contract can be tedious and exhausting, typically resulting in numerous drafting rounds as lawyers argue until everyone is happy with the contractual language used. However, once you’ve signed the deal, there’s another matter […]
Types of Damages That May Result From Breach of Contract
Before going on to talk about breach of contract, let’s first explore what a valid contract actually is. In a nutshell, when at least two parties come to an agreement, they can take out a contract to make it legally binding. Essentially, this document has the terms and conditions of promises that were verbally agreed […]
5 Important Elements of A Sales Contract
Customers and clients naturally want to protect their rights when purchasing products, especially since sales involve putting their money in your hands — the seller. This is why every business that involves transacting services, goods, real estate properties, and other products require a formal agreement known as a sales contract to protect all parties involved. […]
What Makes A Contract Valid and Legally Binding?
People know the power a legally binding contract holds; that’s why it’s wise to read the terms and conditions before agreeing blindly to the document’s contents. Breaking the agreement can lead to legal repercussions, but a contract ensures all parties involved hold up their end of the bargain. Contracts that are brimming with legal jargon […]
Can Anyone Draft A Contract?
Contracts are often legally binding agreements that ensure all the parties involved fulfill their part, so it’s common for professionals to exchange contracts filled with legalese and other defensible content. That’s why established businesses often hire a qualified lawyer to draft their contracts, but what about start-up owners, aspiring moguls, or budding entrepreneurs who don’t […]
The Difference Between Redlining and Blacklining Contracts
Throughout the centuries, men have created historical moments and built impactful relationships based on blood oaths, handshakes, and promises. While these methods have proven to bind institutions and people together, they have been rendered irrelevant and insufficient as society evolved and technology advanced. When building relationships and completing business transactions today, contracts are expected to […]
How to Conduct a Proper Contract Review
No matter how small or large the project, every business relationship starts with a client contract. It’s an important document that lists the terms, conditions, and agreements for all involved parties, so crafting a contract is not something anyone can write and sign on a whim. Agreeing to the contract without analyzing its contents can […]
How to Execute a Contract the Right Way
As with so many things in small business, there is a right and a wrong way to execute a contract. While contract execution may seem to be the pretty simple, easy step of getting your contract signed and launching into a partnership, there are a few traps. Executing a Contract with Electronic Signatures The horror […]