The Trouble With Government contract Management Software

If you've ever worked in a position where it was your responsibility to manage and track government contracts, then you know all-too-well how much of a challenge this can be. This can turn into an especially frustrating organizational nightmare when you take into consideration the varied range of contracts that often need to be managed by local governments. Factor in the fact that legacy contract management systems are cumbersome and difficult, and it's no surprise that managing government contracts can be such a difficult task.

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The Best Hidden Benefit of Contract Management Software- Contract Insights

Contract management software is a tremendous tool for contract oversight and storage; however, these are not the only beneficial features of the software. In fact, it is the contract insights you can glean from reporting on the data contained within the contracts that makes the software so powerful.

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Yes, You Can Migrate Your Contract Repository to the Cloud in 30 Minutes

As businesses grow in size, they take on relationships with new partners, associates, and customers. All of these interactions are governed by legal documents to ensure that all parties involved have a clear understanding of their obligations to each other. Whether you're using a local contract management system or don't have one at all, migrating to a cloud-based solution can massively improve your ability to manage contracts. Contrary to popular belief, not all systems take weeks (or months) to implement. Read below for tips on how to begin migrating your contract repository to the cloud in 30 minutes.

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Why Contract Repositories Should Store More Than Contracts

For companies that engage in high volume contracting, establishing an online contract repository is a necessity. As more contracts are added to a portfolio, organization will be crucial to keeping tabs on everything and staying sane while doing so. Obviously, an online repository serves as a centralized database, ensuring that the whole portfolio is safely located in one place, but it can and should do more than merely store contracts. Companies should look for a contract management solution with purpose-built features that facilitate oversight and ensure that they utilize the repository to the fullest extent possible by using it to track the following:

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How to Efficiently Update Government Contracts

State and federal government agencies contract with businesses in the private sector for all kinds of goods and services, and these often lucrative deals are not just reserved for the big players. In fact, there is a requirement that close to one-quarter of these contracts be awarded to small businesses in an effort to support small business owners and foster entrepreneurship and competition. Although entering into contracts with the government is a surefire way to help a small business grow and thrive, it can also be overwhelming and time-consuming, as there are usually a lot of requirements and conditions attached to these agreements. Thus, to ensure that your business follows all applicable laws and remains in the good graces of a particular agency it is important to work productively and efficiently and engage in ongoing communication to facilitate contract progress. Here is how to stay on track:

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How to Draft Usable Long-Term Contracts

Negotiating and drafting contracts can be a long, drawn out process, especially when the drafting round has to begin from scratch. When it comes time to put pen to paper, a lot of hours and manpower can be saved if there is a general agreement from which the drafters can start. Ideally, there should be several templates from which to choose and the shelf-life of these agreements should be fairly substantial to avoid having to reinvent the wheel every couple of years. Here are some things to consider in order to draft usable long-term contracts:

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Use This Simple Process to Review Your Contract Portfolio

Reviewing an entire contract portfolio may seem daunting, but engaging in an ongoing yet simple review process will prevent it from ever becoming too overwhelming. One of the best ways to facilitate periodic review is to ensure that the portfolio is organized well. This can be accomplished by investing in a dynamic contract management solution and establishing an online contract repository. Once the online database has been set up, the following steps will enable the contract management team to engage in regular albeit abbreviated reviews of the contract portfolio:

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How to Stress Test Your Contracts Before Signing

Contracting is fairly standard practice for most companies these days, although some industries are more contract heavy than others. Even though individuals and companies have been entering into contracts for centuries now, these agreements still manage to cause problems, with contract disputes clogging up countless court dockets. Although some disputes may be unavoidable given that many things are beyond one party’s control, companies should take the appropriate precautions to determine whether they can withstand certain issues. Understanding where a contract could go wrong before actually signing it is a bit tricky given that contract performance will not commence until all terms and conditions are agreed upon and the final version is executed. However, here are some of the questions that the contract negotiation and drafting teams should be asking throughout their respective processes to stress test the agreement before either company signs on the dotted line:

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If Your Aren't Using 2FA, Your Digital Contracts Aren't Secure

Data security is an important topic and something that all businesses should be taking into consideration when setting up and maintaining their IT infrastructure. For companies needing to electronically store their contract portfolio, security is particularly important, as a company’s contracts say a lot about its business affairs. Relying on free data storage services or local hard drives is far from ideal because these methods do not always offer the most sophisticated security measures that are currently available.

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How to Measure Manufacturing Contract Productivity with Custom Reports

In manufacturing, monitoring contract performance is critical to monitoring overall productivity. Regardless of whether a company is manufacturing products comprising a million tiny pieces or heavy duty machinery with several large components, there are likely various contracts with at least a handful of suppliers, if not many more, as well as contracts pertaining to distribution.

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