Contract Management Software For the Entertainment Industry: Why You Need It Now

The entertainment industry is contract-heavy and required to stay current on artist agreements, contracts outlining royalty rights, freelance contracts, outside media relations, and other time-sensitive and detailed contracts. Compromising contract confidentiality and missing crucial deadlines are common problems that plague the entertainment business, and have severe consequences that can be eliminated with efficient contract management. Here are three ways that contract management software can benefit the entertainement industry. 

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A CFO's Role in Contracting

The CFO, while not always a primary party to the comany's contracting, has an obvious interest in the outcomes and value of contracting. Here are some important reasons that CFOs need to actively partake in their companies’ contracting process:

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In-House Counsel and Cybersecurity: The Need to Lead

For most companies, the in-house attorneys’ roles and responsibilities are not exactly delineated within a concrete list. Instead, their day-to-day duties, and the areas in which they are involved, tend to expand and shift, depending on the existing needs of the company. Obviously, the in-house team spends quite a bit of time reviewing contracts, crafting both internal and external documents and agreements, and helping the executive board make strategic decisions in a manner that mitigates risk.

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Tips to Effectively Structure a Non-Disclosure Agreement

Simply put, a non-disclosure agreement is intended to protect sensitive information and is usually a contract formed between two parties with an understanding that information will not be relayed to other parties. Usually outlined in the early stages of a business relationship, an NDA reinforces keeping vital information confidential for a certain length of time. Without an NDA, any exchange of information could result in giving away ideas that are integral to your company’s IP, and therefore are a must when communicating valuable data.

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Contracting: Understanding the Buyer's Perspective

In a business transaction that involves the sale and purchase of some good or service, the seller of that good or service usually has a bit more power and influence when it comes to shaping the contract between the parties. However, to ensure a positive working relationship, not to mention one that will endure beyond the initial transaction, it is important for sellers to take into consideration what most buyers want from their vendors. Here are several things to keep in mind:

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Is There an Optimal Contract Duration?

There is a fair amount of discussion and disagreement on this topic, but the simplest answer to this question is, “it depends.” The length of a contracting relationship is contingent on so many variables, including the complexity of the agreement, as well as the resources and investment at stake. In a vast number of business transactions, these agreements last between two to five years. Although there is no hard and fast rule with respect to the optimal contract duration, there are several things to take into consideration when deciding on this matter.

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Collaboration and Delegation In Contract Management: Are They Mutually Exclusive?

There seems to be a dichotomy in management circles these days when it comes to allocating resources and responsibilities. On the one hand, there is increasing emphasis on the importance of communication and collaboration. But, on the other hand, there is almost equal emphasis on efficient delegation, even outsourcing in some cases for the sake of productivity. For some managers, it is difficult to reconcile these apparently opposing approaches. However, there is no reason that one approach must occur to the exclusion of the other. Here are several reasons that both collaboration and delegation are crucial components to any successful contract management process.

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The Benefits of Early Engagement by the The Contract Team

For many companies, the team that negotiates a contract is different from the team that drafts the arrangement. Of course, a completely different team then oversees the management of the finalized agreement. This is an understandable and efficient allocation of human capital, but a complete division of labor is often one of the underlying reasons that contractual relationships go sour and contract disputes arise.

 

Although it may not be realistic for the management team to actively participate during all phases of the contracting cycle, they should become engaged in the process as early as possible because their insight will help prevent the emergence of certain issues. Here is how their early engagement and input can help:

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Difference Between Mediation, Arbitration, and Litigation

Even the most perfectly drafted contracts sometimes become contested nightmares, as performance breakdowns and compliance issues are never completely avoidable. However, the manner in which any such disputes are decided varies, usually depending on the scope of the issues at stake and the severity of the alleged breach. In addition, many contracts directly stipulate how certain matters will be decided, such as mandated arbitration or a requirement to seek mediation before resorting to the court system. It is important for everyone involved in contracting to understand these potential mechanisms for redress, so here is a brief overview.

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Standard Vs. Strategic Contracts

A lot of contracts, if not most, formalize arm's length transactions, essentially implying there is a distant or strictly professional relationship between the parties. In general, these types of contracts are run of the mill, standard form agreements. Even parties who have contracted with each other for years tend to rely on standard contracts.

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