Contract Security Isn't Just About the Technology

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. 

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Make or Break Moments in the Contract Management Process

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.

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5 Sneaky Ways Manufacturing Contracts Get Abused

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.

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What Every Oil & Gas Company Must Know About Contract Management

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.

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The Buyer's Guide to Contract Lifecycle Management Software

Let's face it: juggling hundreds of contracts at once isn't most people's idea of a good time. However, if you work as a contract, legal, or procurement executive, or have an administrative role that requires you to stay on top of contracts within your organization, then you're all-too-familiar with the struggles that come along with this type of work.

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How to Use Contract Insights to Monitor Contract Portfolio Performance

Most people understand that when they enter into a contract with another party that one or both parties will be expected to perform some action. In some cases, one party’s performance may be fairly substantial and ongoing, such as providing a service on a continuous basis, whereas the other party may simply have to remit payments in exchange for receiving that service. This is obviously the simplest version of a contractual relationship, and these days, many business transactions are anything but simple.

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ContractWorks Reporting Updates

Our engineering team has been busy this month! We’ve released several new features to enhance our already robust reporting capabilities. These new features give our clients more power to report on the exact parameters they need, have reports delivered directly to their inbox, and overall just make ContractWorks reporting even easier to use. You can find details about the new features below.

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Contract Managers and the Importance of Strong Communication

As we previously mentioned, it is critical for companies to closely track changes to contracts, as such changes tend to alter the deal, augment responsibilities, and lengthen the contracting relationship. Of course, in addition to carefully negotiating necessary changes and paying attention to any changes that are made, it is extremely important to ensure consistent communication throughout the process. Unfortunately, the team who deals with the initial contract negotiations as well as subsequent negotiations relating to needed changes often differs from the team who puts those changes into a written form. And, the team who must actually implement and oversee the changes once they have been finalized and formalized in writing is usually a whole new team. 

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How to Address These Major Healthcare Compliance Concerns

The healthcare industry is a beast. It generates billions of dollars, but costs continue to skyrocket. With the passage of the Affordable Care Act, millions of previously uninsured Americans gained access to healthcare, and that expansion meant even more rules and regulations for hospitals and healthcare institutions to understand and follow. Healthcare compliance has always been a bit complicated, and this massive revision to the law has added to that. Here are some of the major healthcare compliance concerns and ways for companies to address them:

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Why Centralized Control Gives You Ultimate Contract Security

Data security continues to be a hot topic, with stories of massive breaches making headlines on a fairly regular basis. In many of these intrusions the valuable data that is stolen belongs to clients and employees of the company whose systems were hijacked. Although it is clear that this information usually involves names, dates of birth, social security numbers, home and email addresses, and perhaps other pieces of personal information, it is not always clear where exactly that information had been stored.

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