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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Why Your Contract Team Must Focus on Relationships First

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.

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6 KPIs to Measure the Performance of Your Contracts

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.

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How Two-factor Authentication Improves Your Contract Security

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.

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4 Things to Know About Compliance


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.

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Your Contract Terms Were Violated: What Now?

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.

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How City Councils Can Save Time and Money with Contract Management

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.

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