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It’s no secret that contracts are the lifeblood of businesses, yet managing them can often be a laborious and intricate task given the multitude and variety of agreements that are handled on a daily basis. Automation is here to help make otherwise time-consuming elements of managing the contractual process both more efficient and more consistent and reliable.
Continue reading “Driving Productivity Through Automated Contract Management”
Contracts are often referred to as the lifeblood of an organization, as they are the backbone that establishes and governs transactions between parties, including the buying and selling of goods and services.
Thoroughly reviewing contracts is critical to ensure that the terms and conditions of the agreement accurately reflect the transaction contemplated by the parties. By keeping these seven tips in mind before and during your review, you can help yourself and others navigate the complex process of contract review.
Continue reading “7 Contract Review Tips & Complete Contract Review Checklist”
Contracts are often seen as the circulatory system of a business. They power so much and – much like a heart – can cause problems when not taken care of properly. So how do you take care of your contracts? With a contract lifecycle management (CLM) solution!
Continue reading “Why It’s Important to Have a CLM Solution”
You’ve likely heard the term wet signature and may have wondered what the heck is a wet signature?
A wet signature is simply a signature using a pen, pencil, or seal on a physical document. For a long time, wet signatures were commonly used to represent a binding contract.
Continue reading “Ask an Attorney: Wet Signatures vs. eSignatures—Which Is Better?”
Contract Lifecycle Management continues to be a fast-growing legal industry sector, but do you know what it is?
This post is intended to provide a brief overview of what this sector is about. In this post, I will:
Contracts are legal documents and, appropriately, are the domain of the legal function.
Managing contracts, however, is a cross-functional exercise involving several functions including finance, legal, sales, and in larger companies, procurement.
Jason Smith puts it this way:
“There’s a difference between managing the contract lifecycle (the process) and the contract (the document). The contract document is a legal artifact… the process is a business lifecycle. Once you understand this, the cross-functional concept becomes easier to address.”
Contracts exist precisely for when things go wrong and it looks like things have gone very wrong in the case of Scarlett Johansson’s contractual relationship with Marvel Entertainment and its parent company Disney. Johansson just filed a lawsuit claiming breach of contract for her role in the movie Black Widow, which was released July 2021 following numerous delays due to COVID. While the facts of this case may present unique circumstances, this suit underscores why contract risk management matters so much and how we are all still feeling the effects of uncharted contract territory in the era of COVID.
As companies work to beat out the competition, taking a deeper look into contract management can be a driving force of success. When contracts accidentally expire or key milestones are missed, it can handicap your business. Effective contract management improves workflow efficiency and leads to a more progressive and well-functioning organization.
The following 5 contract management tools and features can revolutionize the way your organization manages contracts.
Continue reading “5 Essential Contract Management Tools and Features”
(*Can you find all 11 Hamilton lyrics hidden in this blog post?)
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