4 Ways to Improve Your Manufacturing Contracts With Automation

As automation became the norm in manufacturing, with more and more equipment, heavy machinery, and computers taking over the job responsibilities of some of the people working on the lines, there was widespread concern that tens of thousands of individuals would be permanently out of work. But, these machines require people to maintain and oversee them, and thus there has really been more of a shift in the type of skills needed from the manufacturing workers. After all, there are some aspects of production that a robot simply does not have the skills or dexterity to complete.

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How to Future-Proof Your Contracts

We recently discussed the importance of having a plan to track contract changes. However, it is also extremely important to consider the types of changes that may be needed in the future and to build the appropriate language into the contract from the outset. This obviously requires a bit of foresight, but some situations may not be readily apparent and thus are not exactly easy to plan for ahead of time. For this reason, contracts must be drafted in a way that allows for some flexibility, when it is needed. Here are some of the possible changes that could impact a company's contracting and how to future-proof your contracts:

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Why You Absolutely Must Track Contract Changes

A lot of people are under the erroneous impression that contracts are static instruments that once finalized and signed must remain immune to changes in the business climate. Although contracts are intended to serve as the final version of an agreement between one or more parties, circumstances may arise that necessitate adjustments of some sort. These circumstances may be company-specific, market-induced, or economy-driven.

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What to Do When a Contract Severely Underperforms

Hopefully, dealing with underperforming contracts is not something that your company encounters very often, if ever. In the unfortunate event that it does occur, the contract management team must be well equipped to address the situation swiftly and effectively. Ideally, when there is even a mere indication of performance problems, it must be tackled before it becomes a much larger issue with costly repercussions. Here is what to do about an underperforming contract:

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Contract Managers: A Company's Secret Weapon

Contract Managers, whose contributions can at times be overlooked, play an extremely valuable role in a company. Contract managers are responsible for the comprehension and implementation of contracts, including staying up to date on contract expirations and renewals. Needing to have a diverse background and solid understanding of law, finance, and regulations, the contract manager ensures that the business is fulfilling their obligations and is not violating any terms or conditions in their contract. 

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Contract Management and Technology: An Inseparable Duo

If you are a contract manager and your company has not invested in a contract management solution or is using an outdated, bulky, or inefficient system, there is a good chance that you are wasting more than just your valuable time. Failing to use the appropriate technology can stall operations, lead to cost overruns, and plague overall efficiency. These days, effectively managing a contract portfolio requires utilization of a sophisticated contract management solution that facilitates the following:

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ContractWorks Releases Scheduled Reports Feature

As a company that prides ourselves on continuously improving our product and listening to customer feedback, we're excited to announce our newest feature release- scheduled reporting! Read more below.

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Tips for Communication & Transparency In The Contract Drafting Process

Communication and transparency are key in the early stages of the contract drafting process. From navigating contract terms to making sure involved parties are on the same page, the beginning of the contract cycle relies on an open and ongoing dialogue between individuals for the best results.

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Contract Interpretation and The Importance of Unambiguous Terms Part 3 of 3

It may be hard to believe that there is so much to say about contract interpretation that it necessitates multiple blog entries, but the content of these particular installments is really just the tip of the iceberg. Contracting is a routine part of business operations, and even though it has gone on for centuries, it continues to be a complicated process, frequently subject to confusion and disagreements. And, more often than not, these disputes center on conflicting interpretations of a contract's terms. So, here is a continuation of the discussion on the principles of contract construction.

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Contract Management: What You Don't Know Can Hurt You

Consistency may be the most important facet of any management process. There must be a consistent strategy, consistent leadership, and consistent oversight. Of course, this is particularly true for contract management, as failing to pay attention to contractual obligations can have calamitous consequences. For the most part, when it comes to contract management, it is precisely what you don’t know that can hurt you the most, and here is how:

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