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.Read More
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:Read More
Contracts are generally written in a manner meant to deter breaches, minimize risk, and allocate responsibility in the event of a dispute. Unfortunately, even the most well written contracts often succumb to issues that result in lengthy contractual disputes. Sometimes these breaches are due to inadequate performance from one party, general misunderstandings, or differing interpretations of certain contract provisions. Of course, there are also many other reasons that a contract dispute may arise. Here are five tips to prevent that from happening:Read More
Business relationships have grown more complex in recent years, and thus contract management has had to evolve in order to keep up with the times. To understand how technology has affected contract management, you only have to notice how rare it is these days for contracts to be written on paper instead of electronically.
Larger technological developments will continue to change how contract management is practiced -- perhaps on a level as revolutionary as the paperless contract. Now that we're in a new year, it's a good time to reflect on what lies in store for contract management in the near future.Read More
From Netflix recommendations to self-driving cars, the applications of artificial intelligence in everyday life continue to expand with each passing year. Businesses, too, leverage artificial intelligence techniques in order to know which customers to target, which products need improvement and which processes they should automate.
Surprisingly, AI has made limited progress in the legal profession so far--but as more and more companies realize the major benefits in doing so, this number is only expected to grow. Below, you'll find just a few of the ways that AI can support and enhance traditional activities in contract lifecycle management (CLM).Read More
Many organizations depend on outside suppliers for smooth, day-to-day operation. Working with the right suppliers is critical to manage costs effectively and keep projects on time and up to quality standards. Supporting suppliers with thoughtful management at various points of the relationship can help the organization derive the greatest benefit from its supplier contracts.Read More
Ask developers about the merits of a software program, and you’ll probably hear a lot about the technical aspects of the features. Not to suggest that features aren’t important, but they shouldn’t be the main factor influencing a software purchase. So what should top the list? The most important consideration should be the benefits the organization will derive from whatever features the software offers. When we discuss key components of contract management software, we’re talking about problems features can help solve, and improvements they can help effect in overall contracting processes.Read More
Your legal team deals with a wide variety of corporate agreements. The non-disclosure agreement (NDA) is among the most crucial and the riskiest of them all. If you are committing to
Managing a contract portfolio has always required diligent oversight and a keen attention to detail. But, now that contracts are becoming longer, more complicated agreements, and there is an increase in contracting at the international level, contract management must entail a well planned, highly strategic approach. For large companies, engaging in international contracting is quite common and handling an international contract portfolio is relatively routine, as they usually have the resources and manpower needed. For smaller businesses, however, technology has enabled international contracting, but managing it can be a bit trickier. Here are some best practices for managing an international contract portfolio:Read More
Implementing a contract compliance program protects an organization against unintentional compliance breaches, which can carry serious penalties. Often, putting together an effective program involves hiring one or more contract compliance managers. Finding the right person to serve in this capacity is a top priority to address compliance effectively. Before determining the most important characteristics of an effective contract compliance manager, it makes sense to review the responsibilities of the role. Some aspects of the job will naturally vary from organization to organization, but compliance management typically involves the following:Read More