Recent Posts by Laura Fagundes

Healthcare Contract Security Is More Important Than You Think

Companies have a duty to protect their data, as well as any employee and client data with which they have been entrusted. Obviously, employment records contain sensitive details about individuals, and thus employment contracts and other related documents must be safeguarded. However, in addition to general employment records, many companies offer their employees health insurance, which also necessitates detailed paperwork. In some cases, companies may have healthcare-related contracts with firms better equipped to oversee these employee plans. Of course, other companies may have other types of healthcare-related contractsbased on their areas of expertise or industry involvement. Regardless of the type of healthcare information that a company has on hand or the reasons for entering into healthcare contracts, it is critical to ensure that any such data is vigilantly protected. Here is why healthcare data and contract security is more important than ever:

Read More

This Is How Much Bad Contracts Cost Nonprofits Each Year

Running a nonprofit organization is not an easy task. Many nonprofits operate on rather tight budgets, and even for those that have a fair amount of funding, they are often restricted with respect to how they spend because of donor conditions. As with running any operation, many nonprofits must contract with vendors for various goods and services in order to fulfill their missions. As nonprofit leaders know all too well, there is very little room for error when it comes to these contracts in light of the budget constraints. Unfortunately, all contracts may succumb to efficiency issues or cost overruns, but the impact on nonprofits can be a bit more severe. This is how much a bad contract can cost a nonprofit:

Read More

How to Efficiently Manage Contracts For the Long Haul

Contracts are dynamic agreements, and managing a heavy contract portfolio requires diligence and a solid attention to detail. However, just because some contracts are limited in duration, this does not mean that the contract management process has to be so as well. In fact, for companies seeking to grow over time, it is important to have clearly defined long-term objectives and to establish a contract management process that is in accordance with them. Here is how to manage contracts for the long haul:

Read More

The 5 Best Books About Compliance Management You Need to Read

Compliance is a tricky facet of running a business well and maintaining a robust contract portfolio. Understanding the many nuances will take time, and although attaining proficiency in the subject is certainly feasible, developing true expertise will require diligent research on many topics, as well as consistent involvement in the process over a fairly significant period of time.To help professionals get up to speed on the ins and outs of compliance management and understand what it will take to create the right corporate culture that will facilitate the creation and maintenance of an effective compliance program, here is a list of some books on the matter that are worth reading.

Read More

When Do You Need to Update A Corporate Contract

Contracting is a standard practice among most businesses, and attorneys for the parties to the agreement often handle all or at least some aspects of the contracting process. As a result, busy company leaders may not take the time to read the contracts and their accompanying documents very carefully. Ideally, there will be a contract management team in place to oversee the portfolio. Regardless of whether there is a formal team or not, someone will have to take the lead on keeping track of contractual matters. This can be a daunting task, although there are plenty of useful and affordable software solutions available that can make the process much simpler. One of many things to consider is how often certain contracts should be reviewed and/or updated. This will obviously vary depending on the nature and scope of each agreement. However, the following is a general guideline as to when to update certain types of contract:

Read More

How to Create Custom Contract Reports in Under 7 Minutes

For many businesses, their contract portfolios likely contain various types of agreements. Larger enterprises may have the resources to employ separate teams to oversee distinct categories, but smaller businesses probably have a much smaller team handling the entire portfolio. In either scenario, there will be times when certain batches of agreements need to be analyzed. As a result, it is very important to invest in and utilize practical contract management software that offers customizable report creation. With the right business solution, here is how to create custom contract reports in under 7 minutes:

Read More

How to End Contracts Without Ending Business Relationships

Companies with sizable contract portfolios will regularly enter into, revise, renew, and terminate their many contractual agreements. Sometimes contract terminations occur under less than ideal circumstances, but that simply comes with the territory. However, just because a contract between two parties must come to an end, for whatever reason, this does not mean that the business relationship must completely end along with it. In fact, it is always wise to maintain cordial relationships with business partners, as situations may change such that a revival of the partnership is in order. Here is how to end a contract without ending the business relationship:

Read More

The Stunning Cost of Poor Contract Organization

Poor organization has been the downfall of countless companies, with millions of dollars wasted due to negligence or simple carelessness. The cost of such poor organization obviously depends on the size of a company and the industry it serves. Nonetheless, for companies in which contracting forms an integral facet of the business, poor contract management may have catastrophic financial consequences. After all, the fallout associated with contract failures can have a host of legal ramifications, the vast majority of which tend to be quite costly. Here are some simple examples of how poor contract organization and management can result in major cost leakage:

Read More

What Features Matter Most in Contract Management Software?

Contract management software is a must have for companies with a busy contract portfolio. These days, there are practical and affordable solutions that likely meet the needs of virtually any type of company that is actively engaged in contracting. Depending on your company’s size or sector, there are probably going to be certain features that are more important to have than others. However, there are some specific features that will be useful for just about everyone. Here are the most important features that your company’s contract management software simply must provide:

Read More

Why You Need To Audit Your Manufacturing Contracts Every Quarter

An internal or external party may conduct an audit of a company's documentation or procedures at some point in its existence, the purpose of which will vary. In some sectors such audits will be routine and in others only intermittent, or perhaps even non-existent. Regardless of whether or how often a company will be subjected to an external review, it is important for various team members to engage in periodic internal audits, or reviews, of their processes and systems. For companies engaged in manufacturing, this should occur on a quarterly basis, at a minimum, and is necessary for the following reasons:

Read More