ContractWorks has been enhanced with three new customer-requested features to help save time and make it easier to view contracts and documents and keep track of important notifications. The first feature is the ability to archive the entire contract repository in one click. The second is the option to have all contracts and folders automatically alphabetized for quick, easy searching and viewing. And the third is a new calendar to view upcoming contract notifications for the next 12 months. Read on to learn more.
For many years, contract management was one of many tedious business operations. However, as with virtually all other facets of running a business, technology has made it so that that is no longer the case. Now, there are robust contract management solutions that not only streamline but augment the entire contracting process. Here is how contract insights can boost your contract efficiency two-fold:
Every aspect of the contracting process requires patience and a strong attention to detail. The negotiation phase can be incredibly arduous, and drafting often goes round and round as lawyers seek to agree upon the contractual language. Of course, once the deal is done and the ink on the documents has dried, the intricacies of administering the contract and ensuring proper performance and compliance begin. Here are some of the best practices for contract compliance:
Across all sectors, strong relationships are integral to successful contracting arrangements. Of course, communication is one of the most critical aspects of a good working relationship. In many contracts, there are a ton of intricate details and multiple steps involved in each phase of the contracting process. Manufacturing tends to be particularly detailed and each link of the supply chain is crucial to the next. Thus, any disruption in manufacturing procurement can have significant consequences on the entire production process. This is why solid communication among parties is absolutely key. Here are some ways to avoid communication issues:
It is often said that negotiation is an art form and a skill that must be carefully honed with diligent practice. Unfortunately, for government agencies and other public sector organizations with rather tight budget constraints, it may not be entirely realistic to devote the resources and personnel hours to developing this craft. In addition, brief timelines and expectations for immediate action often hinder local governments from bargaining effectively. But, this inability to haggle for the best deal can end up costing the government a lot of taxpayer dollars when they are subjected to overly expensive and/or inefficient contracting arrangements. Here is how local governments can and must negotiate better contracts: