Why Ownership is Important in Contract Management
Contracts are essential for transactions occurring in any industry and deals that require legal protection. The document can get companies going because it states the terms and conditions between the parties involved in a transaction. If no one keeps track of the contracts, the business arrangement will fall into disarray, and the party responsible for […]
Sales Contract Management: What Do Top Performing Companies Have in Common?
A great idea or bout of passion can signify the birth of a successful enterprise—everything begins with something small but significant at first. Indeed, you can never underestimate the impact of a good idea! However, although crucial to the launching of an organization, it’s essential to note that your passion or clever plan can’t sustain […]
5 Avoidable Mistakes in the Contract Management Process
As a business owner, you must know how contract administration has become increasingly important in the past few years. You may also find that traditional or manual contract management tactics are outdated in this day and age. In this digital era, data breaches have become a common occurrence and may require your company to employ […]
What is Contract Management for Legal Departments
Every business’s foundation is built through agreements and contracts. Whether you’re buying materials from suppliers or finalizing invoices for your clients, these transactions need to be organized through proper contract management. Unfortunately, many business owners still go through this process manually or with limited digital assistance. Optimizing Your Workplace Using digital tools is a common […]
8 Questions to Ask When Auditing Your Contract Management Process
Are you fully confident in your company’s contract management process? Since the contract will dictate every aspect of a professional relationship, many tend to invest considerable time and resources in drafting agreements to their liking. Once the contract is finalized, both parties can sign the deal confidently, forming another relationship that will hopefully bode well […]
How to Manage Your HR Contracts
The role of HR in any company is very significant. And one of HR’s responsibilities is to handle the different employee contracts. However, keeping track of all the contracts involved can be challenging when your company has many employees. Luckily, there is a more efficient way HR can fulfill its duty of handling contracts, and […]
Contract Management Trends to Watch Out for
Recently, there has been a lot of talk about contract management and its role in reducing future risks. In the last year, many firms have realized that their current management approaches are unfit for purpose, especially in the face of a crisis like the Covid-19 outbreak. In response, an increasing number of organizations are turning […]
How Contract Management Systems Can Detect a Breach of Contract
Contracts are formal agreements to exchange products or services between parties. These formal promises shape the business’s daily operations. Besides being legally binding, they set the tone of the parties’ working relationship. In other words, they serve as the business’s foundation. For this reason, knowing the basics of breach of contract is crucial. What Are […]
5 Key Contract Management & Procurement Terms
Whether it’s a bag of chips or a new release software, no matter what you purchase, each item you buy will come with a contract. When you run a business, you’ll know that as your business grows, the more purchases you’ll need to make to meet your team and client’s expectations. With that, you’ll need […]
KPIs to Stay On Top Of During Your CLM Implementation
Companies must understand that their contract lifecycle management or CLM process is very important when it comes to handling and mediating the business’s relationships. There is so much data involved, and it’s a must to keep tabs on every single part of it. Good contract management will lead to the proper information and insight needed […]