Contracts articulate the terms behind a finalized negotiation. Formally, they are legal agreements. What is not described in the terms of these agreements, however, is the relationship between the contracting parties. It is largely the relationship that determines whether a contract succeeds in achieving its primary goals. In other words, your contract team must focus on relationships first because success of a contract is directly related to the strength of the relationship between the contracting parties.Read More
Key Performance Indicators, or KPIs, help contract managers measure progress and achieve goals against contracts. When designed and used optimally, KPIs play a role in driving actions and can have significant effects on results and projects.Read More
We would like to proactively ensure that all ContractWorks customers are protected against unauthorized access to their data rooms. Our engineers have analysed User data across our entire system and, while use of 2-factor authentication (the code sent via SMS text on initial login) is high, we would like to further encourage Administrators to ensure it’s switched on for every user.
Security conscious companies will assume that everyone invited into their systems via e-mail will have had their password compromised at some point.
For companies engaged in contracting, understanding compliance is critical to survival. High value contracts, in particular, will be subjected to very strict oversight and scrutiny. Obviously, failing to comply with contract terms could mean lost business for a company, but there may be legal consequences and hefty financial penalties as well. And, compliance is not always about an evaluation of an external party's actions, or lack thereof.Read More
Contract violations are probably a lot more common than one would expect. In many situations, the breach is due to carelessness or a simple lack of awareness. Most contracts are lengthy documents and contain so much obtuse language that people do not always know or understand the actual terms. And, some people do not even read them, like all those licensing agreements that pop up stating terms of service for using a product. The vast majority of people probably hit agree within seconds of seeing that screen accepting the terms offered, without actually reading what those terms are. Thus, many breaches are not intentional or malicious, but rather inadvertent lapses. Of course, there are plenty of instances in which business contracts are breached on purpose, often for strategic reasons.Read More
Contracting is an unavoidable aspect of running a business, but it is also a standard operation for government agencies. Although the types of contracts obviously vary, as well as the goals of the contract portfolio itself, there is likely not much difference with respect to the general contract management process. Granted, some contract management systems may be more geared toward the needs of the private sector, but there are plenty of solutions available that can benefit public bodies.Read More
Security and privacy are hot topics in the data world. These words may sound like they mean the same thing, but they actually address slightly different areas with respect to data protection. Although some people may be aware of the distinction, just to be clear, security relates to how data is protected whereas privacy relates to the appropriate use of data. So, data security is focused on things like firewalls, authentication procedures, and encryption, but it is these security measures that enhance data privacy, meaning private information does not fall into the hands of someone who should not have access to it. Thus, it is clear that you cannot really have one without the other.Read More
For many companies, contract management is an often overlooked business operation, with few resources or personnel devoted to this important facet of running a business. Unfortunately, this frequently leads to the management team having to scramble about to put out fires in an effort to avoid a major meltdown and keep things rolling. However, even if a company does recognize the value of creating a robust contract management team and invests adequate resources into state-of-the-art technology and systems, even the most well-oiled machines are bound to encounter issues at some point.Read More
There likely aren't any manufacturing contracts that allow for completely effortless management. Even the simplest agreement requires some level of oversight to ensure that the terms of the deal are met and any stipulated exchange of money occurs. Of course, there are plenty of contracts that require diligent supervision, as tardy performance or a breach could have disastrous consequences. Although, in some cases diligence may not be able to counter the actions of the other party.
For years, oil and gas companies primarily utilized production sharing contracts when partnering with governments or other firms to research and develop natural resources. Lately, however, there has been increasing use of service level agreements to govern these relationships. This type of agreement has various advantages, as well as one particular disadvantage that can be rather significant. Despite their limitations, they are continuing to become the agreement of choice among companies in the oil and gas sector. Here are two reasons these agreements are so popular now, as well as the major drawback to them, and some things that firms must consider before agreeing to this kind of arrangement.Read More