The Role Procurement Teams Play in Contract Management

Contract management is often thought of as a task reserved primarily for corporate legal departments, but there are many situations where others across an organization have important roles to play in the process. Even when members of the legal team are responsible for tracking and monitoring agreements throughout their lifecycles, they typically rely on colleagues who have greater knowledge of specific contract elements for guidance.

For companies with significant supply chain operations, procurement teams can provide important vendor and supplier information to help contract managers plan ahead and ensure that each agreement is properly managed based on the needs of the business.

This article looks at the role procurement teams play in the contract management process.

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4 Tips for Working with Outside Counsel

In-house legal teams have many reasons to work with outside counsel, ranging from litigation support to expanding your company’s legal knowledge and expertise. Even large corporations with dozens of lawyers on staff often retain outside counsel to help manage specific legal matters.

But according to a recent survey, 73% of in-house counsel are concerned about overspending on outside counsel, and 55% of respondents are prioritizing reducing legal spending as a 2020 initiative. 

One way to reduce spending on outside counsel is to ensure these relationships are managed as efficiently as possible. Here are four tips for working with outside counsel to avoid potentially costly and time-consuming setbacks.

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Why Telemedicine Companies Need Contract Management Software

Legal teams at telemedicine companies are no strangers to the laundry list of compliance requirements and protocols that must be considered and adhered to at all times. In addition to ongoing changes in healthcare regulations and government policies, there are numerous relationships to manage that impact everything from your technology platforms to your patients' prescriptions.

As important as they are, some of these concerns can be mitigated with the right software solutions in place. Contract management software, for example, has the potential to help telemedicine legal departments improve operational workflows and processes, and remain compliant with industry regulations while doing so.

Here are three key benefits to keep in mind for telemedicine companies considering adopting contract management software.

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Comparing Contract Management and Legal Spend Management

Legal tech is booming and its growth shows no signs of slowing. For in-house legal teams, this has resulted in an ever-expanding range of software solutions that are intended to make your work more efficient. 

Traditionally, managing contracts and legal spending have been two particularly tedious, inefficient legal department processes that required manual work and major time commitments. Today, tools exist to improve processes in both of these areas.

If you’re looking for ways to optimize the way your legal team operates, understanding the strengths of these two types of software - and how they can be used together - is an important first step.

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7 Important Contract Terms That Shouldn’t Get Overlooked

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.

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Meet Alexa Corbin, Account Manager

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.

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Using Contract Reporting to Improve Supply Chain Performance

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.

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The Contract Management Software Selection Checklist

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.

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Contract Management’s Role in Business Continuity Planning

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:

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5 Tips to Prepare for a Contract Audit

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.

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