Understanding the World of Ambiguous Contract Clauses

Contracts are fun and easy to understand, said no one ever. There is simply no way around the fact that contracts are complicated. Every aspect of the contracting process, whether negotiating, drafting, executing, managing, or enforcing, presents a unique set of issues and challenges. Fortunately, companies engaged in regular contract management can drastically simplify the complexity of the process by choosing the right cloud-based solution.

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Contract Management Lessons from the UCLA Healthcare Data Breach

The list of high-profile data breaches keeps on growing. It seems that no one is immune from a potential attack these days, as companies in the retail, entertainment, and healthcare sectors have been hit, as well as government offices. The latest headline-grabbing breach involving the UCLA Health System is shocking and rather unfortunate considering that the lack of strict security protocols were to blame, at least in part, for the hackers’ successful invasion. This latest breach offers some important lessons for companies entrusted with the safekeeping of sensitive and/or confidential data. Security measures around contract management aren't often as stringent as those around storing other types of company data. Due to the confidential information contained in employee contracts, supplier contracts, and virtually every other type of contract, it is imperative that those responsible for contract management take heed and implement basic security measures. 

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Benefits of Contract Milestone Management

Supervising people and managing projects are not exactly easy tasks. This is particularly true when it comes to managing contracts and trying to shepherd those involved with ensuring that the contractual terms are fulfilled properly. Depending on the nature and scope of a company’s contracts, complying with the many provisions of these agreements may require the involvement of one, several, or many company employees, as well as any number of outside individuals.

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Strategies to Protect Contract Data From A Security Breach

More often than not security breaches have massive consequences and negatively impact a company’s profits, reputation, and survival. The phrase better safe than sorry is beyond opposite when it comes to protecting important company information, including data contained within a company’s contracts. Here are key strategies companies can take to protect their sensitive corporate information.

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Contract Management: Steps to Ensure a Smooth Contract Handover

Effective contract management is a complex process requiring diligent organization and communication. One key area where a lack of communication often results in decreased contract performance is during the handoff of a newly-signed contract. 

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Employee Contracts Hacked

It is rare that a week goes by without the news broadcasting that yet another large corporation, or national government (including our own sadly), has been the victim of a data breach. In far too many instances, these savvy but devious hackers manage to obtain the personal data of thousands of employees and clients. In this current information age – where data is greatly demanded, routinely shared, and in many cases, highly valued – companies (and governments) must take a careful approach to the management and safekeeping of its employee's contracts.

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Contracts Are Assets Not Weapons

With litigation on an alarming upward trajectory, a lot of companies view contracting as a necessary evil of conducting business. It would be impossible to complete transactions without the terms of an agreement formalized in writing. But, contracts aren't just about portraying obligations and responsibilities in a textual format. Rather, contracts as a whole are meant to create value and yield economic benefits to the companies involved.

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Tips For Selecting A Contract Management Software Provider

If you’re reading this blog post, you probably realize that your company could benefit from using a contract management software. And if you’ve already started looking for it, you realize that the number of options out there is almost paralyzing. With that in mind, we’ve compiled a few tips to get you started on narrowing down your focus:

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5 Key Actions of Strategic Contract Managers

Contract managers will always engage in the negotiation, implementation, and management of a company’s contracts to some degree. However, the role of a contract manager has been gradually changing as the global economic landscape continues to shift and evolve. These days, a contract manager must do far more than serve in an operational capacity, as they had traditionally done for quite some time. Now, the scope of a contract managers's day-to-day responsibilities also entails a great deal of strategic evaluation, planning, and execution. Contract managers must, of course, continue to manage contracts diligently, but they must also actively monitor compliance, analyze performance, and make strategic changes as appropriate in order to promote the growth of the company.

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Effective Contract Management a Necessity Amid Financial Regulations

The financial services industry is one of the most heavily regulated sectors of our economy. There is Dodd-Frank and Sarbanes-Oxley to contend with, among so many others. There is also the myriad of acronym-labeled organizations and agencies, on both domestic soil and abroad, tasked with overseeing the enforcement of these rules and regulations or the investigation of companies or individuals believed to have breached them. Granted, there have been a few outrageous dealings and unscrupulous scandals (okay, maybe more than a few) that had a rather significant impact on the economy at large. Because of these unfortunate occurrences and their considerable or lingering repercussions, some level of increased scrutiny and heightened disclosure rules was to be expected. Not surprisingly, this increased level of scrutiny also applies to how a financial services firm manages its contracts.

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