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The Top ContractWorks Blog Posts from 2020

    
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As we look forward to a fresh start in 2021, we also want to review the last 12 months of contract management news, tips, and more from the ContractWorks blog.

This article revisits some of the most popular ContractWorks blog posts from 2020, covering topics like remote working, important contract terms, and the value of analyzing your agreements.

3 Tips for Legal Teams Shifting to a Remote Work Environment

It’s not surprising to see that one of the most popular blog posts from 2020 was centered around remote work. As professionals across every industry adjusted to a new way of working, many legal teams had to figure out how to accomplish their duties from home, which led to a year of adjustments, new policies and procedures, and the adoption of technology to allow for greater flexibility, collaboration, and access to important documents.

From the March blog post:  

The sudden transition to a remote environment can leave employees feeling unclear about priorities and expectations, and disconnected from colleagues and company culture. The good news is that with a little planning, communication, and a few simple tools, your team can feel some sense of normalcy when away from the office.

The three tips covered in the article include:

  1. Outline Expectations for the Transition

  2. Strengthen Communication and Engagement

  3. Adopt Software That Supports Remote Work

Click here to read the article and dive deeper into these three remote working tips.

What an Effective Contract Management Process Looks Like

There are plenty of articles that stress the importance of having an effective contract management in place or tips for fixing a broken process, but what does success actually look like?

From the January blog post:  

According to industry surveys, more than half of businesses say that their contract approval processes are causing deals to stall, and only about one in three companies are using a dedicated contract management tool.

With so many organizations struggling to implement an effective contract management process, it's clear that there's plenty of room for improvement. 

Does your process need improvement or do you already have a strong system in place?

Some of the indications that you have achieved an effective contract management process include:

  1. Your contracts are in a centralized location

  2. You know the most efficient ways to get contracts signed

  3. You can track contract deadlines and milestones

  4. You can assess contract performance

  5. Your contracts are safe and secure

Click here to read the full post for more on what effective contract management looks like.

7 Important Contract Terms That Shouldn’t Get Overlooked

When reviewing a contract, it’s easy to skim over sections of the agreement that might seem to contain standard language. But before signing and getting locked into a long term commitment, it’s critical that you pay close attention to even the most minor details and look for any language that might present problems down the road.

From the July blog post:

In commercial settings, contract clauses impact not only the relationship to be governed by a particular agreement, but wider business operations as well. For this reason alone, it is imperative that you pay close attention to exactly what you are signing. While many contracts come across as boilerplate in places, merely a single change to an otherwise standard clause can make all the difference.

The key contract terms featured in this article include:

  1. Governing Law

  2. Authorized Signatory

  3. Dispute Resolution

  4. Indemnification

  5. Non-violation

  6. Subcontracting

  7. Order of Precedence

Click here to read the full post for more on why these seven terms are so important.

The Value of Analyzing Contracts

Conducting periodic contract reviews and analyses can create significant opportunities to improve how your agreements are structured, and in turn impact the business as a whole. But regular contract analysis is often an overlooked element of the contracting process. 

From the January blog post:

But while much effort goes into preparing and negotiating agreements, contracts are all too commonly filed away after they have been signed. If they are pulled and reviewed, it’s often to monitor the performance of the business arrangement or because something within the agreement has gone wrong.

This is unfortunate and short-sighted. In addition to providing the framework of the business deal to which it pertains, analyzing contracts can yield useful business insights and lead to better contracts in the future.

Some of the benefits of analyzing contracts include:

  • You Can Avoid Making the Same Mistakes Again (and Again)

  • You Can Identify Outdated Terms that Put You at Risk

  • You Can Find Solutions to Business Problems

Click here to read the complete article for a more in-depth look at these benefits.

7 Industries that Benefit from Contract Management Software

Contract management software offers significant benefits to any organization with a high volume of contracts, or anyone overseeing high-value or high-risk agreements. However, certain industries are particularly heavy users of contract management solutions, as mentioned in this article.

From the January blog post:

Implementing contract management software is a best practice for organizations of virtually all sizes and industries. Some of the advantages of contract management software include:

  • Securely storing your contract documents and related files in one, centralized location

  • Automated alerts and reminders for critical contract milestones

  • Reporting tools for in-depth insight into the health of your contract portfolio

While nearly every business can become more productive and efficient by implementing contract management software, certain fields face particular challenges that make contract management software a smart choice.

The seven industries covered in this article include:

  1. Technology

  2. Healthcare

  3. Biotechnology

  4. Manufacturing

  5. Consumer goods

  6. Construction

  7. Media

Click here to read the full blog and learn how each of these industries can benefit from contract management software.

Stay tuned for more contract management tips and resources in 2021!

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