ContractWorks' Guide to the General Counsel Conference NYC

Later this month, ContractWorks will be heading out to New York City to participate in the General Counsel Conference September 25th-26th. Hundreds of general counsel and senior legal leaders will be in attendance for the premier forum for general counsel to learn, network, and evolve in their roles. Read more to see how you can make the most out of your attendance.

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How Every Department Benefits from Contract Management Software

Contracts are the lifeblood of every modern business, from tiny startups to giant multinational firms. By enforcing the terms of an agreement between two or more entities, contracts are the foundation of a trusted and reliable relationship between separate individuals or companies.

However, you might have dozens, hundreds, or thousands of contracts in force at the same time. Managing and administering them all requires a great deal of time and effort as a result. Fortunately, dedicated contract management software can significantly reduce the resources you need to expend on the task of contract management.

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Meet Lorien Maxwell: Manager of Sales and Customer Success

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 catching up with Lorien Maxwell, Manager of Sales and Customer Success at ContractWorks. With almost 15 years of experience in sales and customer service, Lorien plays a critical role helping ContractWorks clients find the solutions they need to reach their contract management goals.

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Evolving Beyond Spreadsheets: A Guide to Modern Contract Management

For many companies, contract management has traditionally consisted of manually updating spreadsheets to help document and track the endless deadlines and complicated terms found within their corporate agreements. However, as technology has evolved, more effective and efficient ways to manage large volumes of contracts have emerged. 

Although spreadsheets might seem sufficient for some contract management needs, it is not a sustainable solution as your company grows. Below are some of the reasons legal teams have often turned to spreadsheets for their contract management needs, as well as the benefits of making the switch to dedicated contract management software.

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New Ebook: The Contracts Checklist for M&A Due Diligence

Mergers and acquisitions are some of the most complicated business events an organization can face. The transaction is complex. There are seemingly endless moving parts to consider. Executives need to integrate or restructure entire business systems, set strategic goals, and assign the right people to direct projects and programs throughout the process. Not to mention that a merger or acquisition often involves transitioning hundreds of employees, and thousands of contracts, which, if neglected, can introduce dangerous risks for the business.

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Hospital Contract Management: 3 Ways to Ensure Compliance

While the ability to effectively manage contracts and keep up with all contractual obligations is important for any business, it is paramount for hospitals, which are faced with a number of compliance regulations designed to best protect patients’ health and interests.

Though the primary function of a hospital may be to administer patient care, just like any other business, hospitals routinely deal with a high volume of different types of contracts affecting every aspect of how they run. These include agreements with the doctors who work out of their facility, contracts with medical equipment and pharmaceutical vendors, and things like IT service agreements, even though they may not seem directly tied to the delivery of patient care.

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ContractWorks is Heading to National Harbor, MD for CEI Conference

The team at ContractWorks is excited to announce that we will be a sponsor for the SCCE’s 18th Annual Compliance & Ethics Institute taking place in National Harbor, Maryland September 15th-18th.

The Society for Corporate Compliance and Ethics’ annual Compliance and Ethics Institute (CEI) is the primary educational and networking event for compliance professionals across all industries around the world. Each year, more than 1,600 attendees from 40 countries come out to meet with industry leaders to cover real world compliance issues, emerging trends, and practical applications. Presenters include Michael Horowitz, Inspector General of the US Department of Justice, Andy Hinton, VP of Global Ethics and Compliance for Google, and Kurt Michels, CCO of Volkswagen Group, among many others.

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3 Main Benefits of a Contract Management System

Optimizing contract management processes can help businesses improve bottom lines by nearly 10 percent annually, according to the International Association for Contract and Commercial Management. But of all the optimizations that can be implemented throughout contract lifecycles, one of the most impactful may be a contract management system using a dedicated software solution.

What makes employing a contract management system such a powerful way to drive value and reduce risks? Keep reading to uncover the three main benefits of a contract management system.

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New Ebook: Using KPIs to Measure Contract Management Performance

Setting, measuring, and reporting on the right contract management Key Performance Indicators, or KPIs, can provide insight into the health of your business and answer a number of critical questions for your company’s stakeholders.

Is your business operating efficiently? 

Are you realizing enough value from your contracts? 

Is your company missing opportunities to minimize operational risk? 

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The Role of Machine Learning in Contract Analysis

If you think contracts are long and unwieldy, here’s proof: according to an article in the New York Times, the average length of computer software contracts is 74,000-plus words, or, as the professor who combed through all the agreements to calculate that average pointed out, “basically the length of the first Harry Potter book.”

While Harry Potter might make for some fun reading, anyone who manages contracts for a living will likely tell you the pages and pages of fine print involved in most corporate agreements are decidedly not. And analyzing these lengthy volumes has historically been a cumbersome, manual task that – due to the potential implications of details as small as a comma – can take hour after painstaking hour. But contract analysis is hugely important work: this close scrutiny helps businesses to strengthen standard contracts, reducing their risks and improving potential upsides, and helps businesses to evaluate the terms of a specific contract, understanding exactly what they are obliging themselves to do and what they will get in return.

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