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If you are a contract manager and your company has not invested in a contract management solution or is using an outdated, bulky, or inefficient system, there is a good chance that you are wasting more than just your valuable time.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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The Importance of Unambiguous Contract Terms: Part 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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The Importance of Unambiguous Contract Terms: Part 2

In part one of this series, we began our discussion of contract interpretation. This installment delves a bit deeper into several of the principles of contract construction that judges and arbitrators rely on to discern the meaning of ambiguous contract terms.

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The Importance of Unambiguous Contract Terms: Part 1

Most folks in the contracting world would agree that contract drafting is an art form. The negotiations involve a lot of push and pull in an attempt to find balance and stable ground, but it is the language of the contract itself that must clearly explain the precise bargain that was struck. As a result, the individuals who turn the negotiated terms into the actual words that make up the contract, usually attorneys, must carefully analyze every single word, sentence, paragraph, and piece of punctuation.

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Analyzing the Cost of Poor Contracting

Poor contracting can take many forms. It may relate to imbalanced negotiating power, hasty and careless drafting, or inadequate oversight during performance. Regardless of when or why a contracting relationship deteriorates, there are going to be negative consequences for both parties, and this impact is always detrimental to the companies' bottom line. According to the International Association for Contract and Commercial Management (IACCM) “the average cost of poor contracting is 9.2% of an organisation's annual income - and even higher for large capital projects, up to 15% of the contract value.” Here are some of the costs associated with poor contracting and ways to avoid them:

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Important Elements in Intellectual Property-Related Contracts

Contracts are used to formalize virtually all business transactions. Of course, they are appropriate instruments in situations beyond traditional buy/sell arrangements and employment agreements. Any circumstance that involves a mutual exchange of promises likely necessitates a formal, written contract. This is particularly true when there is valuable intellectual property (IP) at stake. Companies with important IP must utilize contracts to ensure that their internal staff and any external vendors or consultants with access to their IP information will act appropriately, irrespective of the timing and duration of that access. And, for employees engaged in or responsible for developing IP, it is imperative for companies to make it clear which party has the proprietary rights.

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Contract Management Software for the Entertainment Industry

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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