New Ebook - Choosing SharePoint or Contract Management Software

Contract management can be time-consuming and tedious when left to manual processes, so businesses often implement software to help them take control of their legal documents.

Since so many companies already use SharePoint for collaboration and content management needs, it’s common for these companies to explore whether it can also serve as a contract management system. SharePoint is a great solution for those with basic file sharing and collaboration needs, while dedicated contract management software offers its own set of benefits geared towards helping legal teams store, manage, track, and report on corporate agreements.

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Key Takeaways from the 2019 ACC Annual Meeting

The Association of Corporate Counsel (ACC) recently hosted their largest event of the year, the 2019 ACC Annual Meeting, from October 27th-30th in Phoenix, Arizona. Over 3,000 legal professionals flocked to the area to attend dozens of CLE sessions on matters currently impacting the industry, with a special focus on workplace diversity and equality, legal operations, and technology.

As a sponsor of the ACC Annual Meeting, ContractWorks had a team on site to discuss contract management challenges and opportunities with attendees, learn about the latest industry trends, and present a classroom session on the role of artificial intelligence in the contract management process. Here are the highlights and key takeaways from this year's ACC Annual Meeting.

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Meet Kristen Johansen, VP Product Development

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Kristen Johansen, VP Product Development at ContractWorks. Kristen plays a critical role at ContractWorks, working to ensure that the products and services offered align with what customers need to be successful.

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3 Steps to Reduce Contract Risk Following an M&A Transaction

Before finalizing a merger or acquisition, contract reviews are a form of investigation. The acquiring business needs to understand any and all contract features that could cause challenges to the business once the deal has been completed. But that’s only step one of the process.

Once the merger or acquisition moves forward, the next thing to do is to address any issues uncovered during the pre-transaction review, and make sure all of your incoming contracts are treated just like any other existing contract in your portfolio. After all, every contract belonging to the target company is now the acquiring company’s responsibility. 

Here are three things you can do to reduce contract risk once the M&A transaction has been completed:

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The Complete List of Construction Management Contract Types

Contracts provide a legally-enforceable framework for guiding any and every type of business relationship, from employment agreements to orders for parts and supplies. While these agreements are key to guiding business relationships and ventures across all sectors, getting contracts right is especially important within construction, where the ability to complete a build on time, on budget and to code hinges upon all vendor arrangements going as expected. From the builder’s perspective, contracts are also important for preventing scope creep and to reducing the risk of cost overruns they may unexpectedly have to absorb.

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3 Contract Negotiation Strategies to Reduce Contract Risk

One thing most people can agree on is that contract negotiation is stressful, especially within business. That’s because there’s a lot riding on coming to a favorable agreement: successful negotiations can help boost company profitability and improve goodwill and collaboration between business partners. Successful contract negotiation is also key to reducing or mitigating many of the business risks that can arise when you work with other parties.

But reducing contractual risk requires planning and preparation. In contracts as in life, it won’t be possible to eliminate all risks altogether – but the more informed and prepared you are as you negotiate the terms that will make up your contract, the better you will be able to prioritize your needs and come to an agreement that will best protect your interests.

Here are three negotiation strategies that can help to reduce your contract risk.

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Improving Healthcare Contract Management Effectiveness and Efficiency

Are your contracts scattered across various hard drives, desktops, and cloud locations? Have you ever missed a contract milestone or deadline that forced you into a costly and unnecessary renewal? Are manual contract management processes exposing your company to unnecessary risk or making it difficult to keep up with compliance requirements? If any of these sound familiar, it may be time to consider implementing contract management software.

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New Ebook - Expanding Your Legal Team: How to Start with Technology

Almost every business has the same primary goal: keep revenue high and expenses low. It’s no secret this is easier said than done, especially during periods of growth when there is more to do and your team is in desperate need of additional help to stay on top of your tasks. So how do you keep legal costs low while continuing to grow revenue? While your first thought may be to hire another employee, that isn’t always the best place to start, and can quickly lead to your expenses skyrocketing. One key component to growing revenue that might not immediately come to mind is effective contract management. More often than not, strategically implementing technology can improve efficiencies, while also helping to identify where the holes and opportunities are within your department.

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Meet Brendan Shanny: Software Engineer

At ContractWorks, our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

We’re proud of the team we’ve assembled, and we think it’s about time you get to know the people that are innovative, agile, and committed to fulfilling the needs of our customers.

This month we’re catching up with Brendan Shanny, Software Engineer at ContractWorks. Brendan plays an important role working to improve the ContractWorks software by listening to customer feedback and incorporating new technologies.

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How ContractWorks Helps Tech Companies with Growing Contract Databases

As technology companies continue to experience rapid growth and expansion, you’ll need to have the proper tools and processes in place to manage the challenges that accompany that growth. Managing corporate contracts only gets more difficult as you introduce more customers, employees, vendors, service providers, and other professional partners into the equation. Small teams responsible for a handful of relatively low-risk agreements might not have a clear need for dedicated contract management software, but what happens when your company has 30, or 300, or 3,000 contracts on file, all with varying terms and end dates? What happens if your business expands and now your legal team is spread across multiple states or countries? For most companies, there comes a point in time when the existing manual processes in place stop working.

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