3 Common Pitfalls of Legal Contract Management and How to Avoid Them

Though they’re designed to reduce risk and maximize profit and opportunities, it takes more than just signing and then filing away a contract to realize these benefits. Poorly-managed contracts can be time-consuming, creating backlogs and bottlenecks for legal teams. They can also be expensive: according to the International Association of Contract and Commercial Management (IACCM), nearly 40 percent of contracts don’t deliver the financial benefits they were intended to. On the flip side, IACCM also found that good contract management can help businesses grow their bottom lines by nearly 10 percent annually.

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5 Tips for Understanding A Request for Proposal (RFP) for a Contract Bid

Companies actively engaged in the contracting process must become familiar with requests for proposal (RFP), as many businesses and particularly government agencies utilize these documents to solicit contracting partners. The key to winning many government contracts, which can prove to be quite lucrative especially for smaller businesses, is putting together a strong response to an agency’s RFP. Here are some tips for understanding a typical RFP for a contract bid:

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4 Common Business Contract Types

Companies of all sizes enter into contracts for various reasons. These contracts may exist with individuals and firms who are external to the company, but they may also exist internally between the company and its own subsidiaries or employees. Certain types of contracts are routinely executed, whereas other kinds of contracts are only needed every now and then or perhaps even just one time during a company’s existence. Although some businesses are likely familiar with the usual suspects, for those who are still learning the ropes, here is a rundown of some of the most common business contract types:

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5 Reasons to Use Electronic Signatures for Contract Management in 2018

Most companies likely conduct a majority of their affairs in a virtual manner, with less and less reliance on the need for physical copies of forms and documents. Although some industries or firms may still prefer an inked signature on the final version of an important contract, there is really no reason to mandate this outdated practice anymore. With the right cloud-based contract management solution, it can be faster, cheaper, and safer to manage a company’s contract portfolio. And, this is not restricted to just drafting or saving a batch of contracts but includes the signature phase of the contracting lifecycle as well. Here are five reasons to use electronic signatures for contract management:

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The Master Checklist for Contract Review and Management

When it comes to an organization’s corporate agreements legal teams must be sure to examine different contracts, and contract types, through distinct lenses as the information in each is likely pertinent to a variety of stakeholders, and requires unique frequency of examination based on its contents.

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Focus on Higher Value Work: How Legal Counsel Can Improve Their Contracting Process

Managing contracts manually can be extremely time-consuming for general counsel and their teams, taking the focus away from higher value work.

In a recent webinar, ContractWorks reviewed how legal teams can utilize contract management software to offload tasks associated with contract management, while reducing cost, minimizing risk, and saving time. Which allows for more time to focus on important legal matters.

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Key Elements of Effective Contract Management Training

Making the decision to switch to contract management software to manage your organization’s needs can be an exciting prospect for teams tasked with organizing, storing and tracking countless agreements across numerous departments throughout the contract management lifecycle.

But the success of your new contract management software – or any new enterprise software solution, for that matter – lies in how well stakeholders know how to use it. In fact, lack of training has been identified as one of the key reasons new technologies and software fail within organizations. Meanwhile, a thoughtfully-designed training plan is significantly associated with positive outcomes, including positive attitudes about the switch and higher compliance rates. 

As you plan for the implementation of your new contract management software, don’t overlook this vital step. But just as you’d be unlikely to embark on any other corporate initiative without a little thought ahead of time about what you’d like to achieve, it’s also important to put some thought and planning into how you approach training.

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A Guide to Preparing Your Paper Documents for Electronic Document Management

Transitioning to an electronic document management system (DMS) offers numerous benefits over an old-fashioned, hard copy storage system. Improved safety, searchability, and efficiency of document access and sharing are just a few advantages. One critical challenge to implementing an electronic system, though, is the labor involved in making the switch.

Even if you know your company or department would benefit from going digital with your documents, it can be tough to know where to start transitioning to the new system. That’s why we’ve prepared a guide to help you prepare and upload documents as smoothly as possible.

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5 Key Contract Management & Procurement Terms

Whether you're buying a pack of gum at the grocery store or a software platform for your company, every purchase comes with an implicit or explicit contract. The larger a business grows, the more purchases you'll be making and the more vendors and service providers that you'll need to rely on.

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How Contract Management Can Improve Procurement Management

A well managed procurement process is vital to a company’s operational efficiency and financial integrity. The procurement team must employ a coherent strategy to establish long lasting relationships with vendors and secure high quality goods and services based on reasonable terms and affordable prices. Procurement is inextricably intertwined with contracting, as procurement generally entails the negotiation and drafting of purchasing and supply contracts. As a result, the strength of a company’s contract management strongly influences the results of its procurement management, and vice versa. Here is how the right contract management strategy can improve procurement management:

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