In commercial settings, contract clauses impact not only the relationship to be governed by a particular agreement, but wider business operations as well. For this reason alone, it is imperative that you pay close attention to exactly what you are signing. While many contracts come across as boilerplate in places, merely a single change to an otherwise standard clause can make all the difference. In this article, we cover seven important contract terms that shouldn’t get overlooked.

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we're checking in with Account Manager Alexa Corbin. Alexa plays an important role helping potential clients understand the ContractWorks platform to determine if it's a fit for their business needs. Alexa has also helped support EMEA businesses since the ContractWorks UK office opened earlier this year.

Keeping close tabs on your supply chain processes and procedures creates significant benefits for any business interested in mitigating risk, reducing spending, and increasing operational efficiency. Managing the vendors that your team hires to supply goods and services for your organization is at the center of this task, and that all starts with the contracts that govern those relationships.

Reporting on the performance of your contracts allows supply chain teams to increase visibility and transparency into your contract portfolio, identify strengths, weaknesses, and other trends in your contract management process, and deliver these insights to stakeholders throughout the company.

When starting the process of purchasing contract management software, the most important thing to consider is what you and your team are looking to solve. There are hundreds of solutions on the market, but if you can identify and focus only on the handful that address your unique challenges and requirements, you can make the process much more simple and straightforward.

Contracts play an important role governing the relationships every business needs to be successful, and the ability to manage those agreements in any situation is imperative. During unexpected interruptions to your standard business operations or times when you’re physically unable to get to the office, having a strong contract management process in place helps ensure business continuity.

There are a few things you can do regarding the way you manage corporate agreements that put you in position to minimize any fallout resulting from unplanned time away from your office. From a business continuity perspective, having a strong contract management process in place means that you have accounted for the following:

Contracts are the legal mechanism by which two parties agree to render services or payment to each other—which makes them an essential business instrument. But in high-stakes situations or lengthy partnerships, it’s not enough for both parties to simply trust that the other entity will faithfully meet the contract’s terms and conditions.

That’s where contract audits come in, helping protect you from legal risk during transactions such as M&A deals. By performing audits at regular intervals, including at the beginning of the relationship, both participants in an M&A deal can ensure that their business partners are complying with their contractual obligations.

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we're checking in with Robert Pena, Sales Development Representative at ContractWorks. Robert plays an important role working with potential customers to understand their unique contract management challenges and needs.

Anyone involved in contract management needs to learn the basics first. At its simplest, contract management is about tracking performance and addressing any issues throughout the duration of the contract. A report from the Journal of Contract Management found that 71% of companies misplaced 10% of their contracts. The International Association for Contract and Commercial Management (IACCM) suggested that contract management services and new technology could spark a contract management revolution, but only if businesses are ready to fully embrace the new tech's potential.

In this article, we'll discuss some of the risk management and cost-saving benefits of effective contract management, and look at how contract management services can dramatically improve your ability to control your contract portfolio.

Before you start the process of comparing vendors and features, it’s important to thoroughly understand your contract management shortcomings and needs - as well as anything that’s already working well. Because there are so many solutions available, it’s critical that you start your search with a clear idea of what you need help with so you don’t waste time talking to vendors that don’t align with your objectives and project guidelines.

This article explores some of the things to consider before starting the search for a contract management solution, the various types of solutions available, and tips for success.

Contract management software has the potential to transform legal department operations and improve efficiency and productivity. It enables in-house legal teams to significantly reduce the amount of time spent on tedious contract management tasks, allowing for more time and attention dedicated to higher value activity. 

But contract management software also serves another important function within an organization: risk management.

Below are some of the contract risks and concerns that can be addressed by implementing the right contract management software.