Why Contract Risk Matters

The average Fortune 2000 company may be a party to as many as 40,000 active contracts, each one with its own set of authorities, enforcement, and risks. Allowing an ad hoc system of organization and management to develop - instead of a well-planned and methodically initiated strategy - creates unnecessary risk and adversely affect long-term growth.

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Top Contract Management Software: How to Evaluate

When it comes to contract management, non-specialized tools such as Excel spreadsheets, email, and Sharepoint are still the norm. But while these platforms can be familiar and easy to use, they don’t offer the dedicated features that are necessary to manage the complexities of handling your company’s most important documents.

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Contract Risk Assessment: How Do I Start?

While contracts are relatively straightforward in their construction - offer, acceptance, and consideration - beneath the surface lie a multitude of opportunity and obligation. Adding another layer of complexity, many contracts can be subject to competing authorities depending on the location of the parties, the ever-evolving regulatory landscape, and internal policies or responsibilities.

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Cloud Tech: The Next Chapter for Contract Management

Cloud-based applications and working environments offer unparalleled amounts of flexibility when it comes to handling day to day operations.   The improved versatility that hosted solutions and cloud-based services afford has led to many companies pursuing a complete digital transformation of their business model, significantly changing how they work with their clients on a daily basis. This change is especially prevalent in legal organizations who have adopted newer, more innovative ways to manage their contracts.
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How to Identify and Mitigate Legal Department Bottlenecks

 

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Best Practices to Improve Your Business's Contract Management

Effective contract management might be companies’ greatest performance tool: according to a review by McKinsey, most businesses have a vast majority of their annual revenues tied to contracts with suppliers and vendors (in some industries – specifically, the utilities, aerospace and defense, and food manufacturing sectors – that number is as high as 90 percent).

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Why You Should Delegate (Some) Legal Contract Responsibilities

Delegating contract management activities to your non-lawyer professionals has a variety of advantages, but it needs to be planned deliberately and strategically. The right delegation strategy can help your reimagine workflows, empower staff, and alleviate drudgery by delegating legal contract responsibility to non-lawyer team members while still maintaining control and mitigating risk.

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Choosing the Right Legal Technology for Your Organization

Sometimes, managing a legal department can feel a bit like a high-stakes round of whack-a-mole. Clients must be handled. Contracts need to be signed. Payments and finances must be monitored. Above it all, diligent oversight and a proactive strategy must be maintained.

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Solving the Problem of Poorly Performing Contract Management

According to a recent review by McKinsey, contracts with suppliers and vendors represent the vast majority of companies’ revenues. In fact, within some industries – including utilities, aerospace and food manufacturing – revenues associated with contracts can make up as much as 90 percent of total annual earnings.

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Contract Managers vs Project Managers

Contract managers and project managers are integral members of many business teams. Although their roles and responsibilities are similar, and in some instances may even overlap slightly, these are distinct positions requiring unique knowledge and skills. For simple contracts and projects, it is often possible and economical to utilize one team. However, for more complex endeavors, it is generally best to rely on separate teams with content-specific expertise. Here are some key differences between contract managers and project managers.

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