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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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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