A lot of previously tedious business processes have improved thanks to technology and the ability to automate. Although plenty of companies no doubt continue to rely on manual processes to manage certain aspects of their business operations, automation is increasingly becoming a necessity and the norm. The need for automation is particularly important for contract management given that it is a document and detail heavy area with which companies must contend. Here are some of the key problems that contract automation can solve:Read More
The contracting process is a continuous cycle, and for most companies, there are likely a number of contracting cycles occurring simultaneously. Depending on your company’s resources and capabilities, your legal team is likely tasked with overseeing a rather voluminous contract portfolio.Read More
Whether you're buying a pack of gum at the grocery store or a software platform for your company, every purchase comes with an implicit or explicit contract. The larger a business grows, the more purchases you'll be making and the more vendors and service providers that you'll need to rely on.Read More
At ContractWorks, we are always on the lookout for ways to innovate and improve our contract management software to provide our customers with the offering and features they need to provide value to their organizations. We do this by actively listening to the feedback of our customers as they use our product everyday and are deep in the trenches of the contract management field.
In recent months we have been busy rolling out some new features and updates that our customers have directly asked us for and we are excited to share these with you today.Read More
A well managed procurement process is vital to a company’s operational efficiency and financial integrity. The procurement team must employ a coherent strategy to establish long lasting relationships with vendors and secure high quality goods and services based on reasonable terms and affordable prices. Procurement is inextricably intertwined with contracting, as procurement generally entails the negotiation and drafting of purchasing and supply contracts. As a result, the strength of a company’s contract management strongly influences the results of its procurement management, and vice versa. Here is how the right contract management strategy can improve procurement management:Read More
Organization is of the utmost importance when it comes to contract management. Contracts are often voluminous documents and frequently have various types of appended documents such as a glossary, tables, charts, amendments, and addenda, among other key data. To ensure that important deadlines are not missed and all performance occurs in a timely manner, it is imperative that the contract management team members keep a close eye on the many moving parts of the company contract portfolio. Here are five tips to help ensure your company has a well organized contract repository:Read More
All contracts are susceptible to breach and could eventually result in a costly, time-consuming contract dispute. In the event of a contract breach, the parties to the contract will most likely require the services of legal counsel to hammer out an acceptable resolution. Between the attorneys’ fees, court fees, and other associated legal costs, these kinds of disputes can end up costing a fortune. For this reason, the parties to a contract often wish to employ other methods of dispute resolution, such as an obligation to submit to arbitration or the inclusion of specific damages clauses. The liquidated damages clause is one of the most commonly used contract provisions, as it eliminates the need to figure out the nature and extent of the breach and the amount owed to make the aggrieved party whole. Here is a rundown on the liquidated damages clause:Read More
Contracts are generally written in a manner meant to deter breaches, minimize risk, and allocate responsibility in the event of a dispute. Unfortunately, even the most well written contracts often succumb to issues that result in lengthy contractual disputes. Sometimes these breaches are due to inadequate performance from one party, general misunderstandings, or differing interpretations of certain contract provisions. Of course, there are also many other reasons that a contract dispute may arise. Here are five tips to prevent that from happening:Read More
Business relationships have grown more complex in recent years, and thus contract management has had to evolve in order to keep up with the times. To understand how technology has affected contract management, you only have to notice how rare it is these days for contracts to be written on paper instead of electronically.
Larger technological developments will continue to change how contract management is practiced -- perhaps on a level as revolutionary as the paperless contract. Now that we're in a new year, it's a good time to reflect on what lies in store for contract management in the near future.Read More