The 4 Must-Haves in Your Contract Management Workflow

For a vast majority of companies, revenue depends — in part — on contracts with vendors and customers. That's why the effective and efficient management of these contracts is critical to business success.

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Introduction to Contract Risk

As General Counsel, you must organize and track all contractual agreements in order to protect your organization from a whole host of liabilities, including fines, penalties, and litigation. Unfortunately, as your business grows, so do the number of contracts that must be created, negotiated and managed.

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Sharpen Your Competitive Edge by Prioritizing Automation

For many businesses automation has become a game changer for countless industries in virtually every department of an organization. Continuous technological advancements have allowed companies to work faster, cheaper, and smarter. That's because these days, automation is not just restricted to manufacturing or other industries involved in churning out tangible goods, it can be deployed in almost every type of organization, including legal departments.

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How to Solve Your Biggest Procurement Contract Problems

If one of the main goals of procurement is achieving the best possible ROI from company vendors and suppliers, then contracts - the binding guidebooks for these relationships - are vital tools for achieving these objectives.

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Four Management Challenges Related to Manufacturing Contracts

Outsourcing is a crucial strategy for manufacturing enterprises, allowing businesses to more efficiently and cost-efficiently procure critical components, tools, and services, thus speeding up production cycles. But this reliance on third-party suppliers – many of whom may be spread out across the globe – makes effective contract management even more of an imperative for protecting quality and reducing other risks that can affect production or increase costs.

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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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The Hidden Pitfalls of Termination Clauses

An employment contract may be the most important document that employees will sign while working for your company. Thoroughly defining the terms of employment with a written document isn’t just a good idea—it’s a best practice and a crucial step in order to protect your business from expensive litigation.

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5 Ways to Make Your Healthcare Contract Management Software More Efficient

Healthcare organizations are often tasked with the management of millions of contracts, including agreements between patients, physicians, and IT and other departments within their organizations. Additionally, healthcare providers also often have contracts that involve third parties, including insurers, medical equipment vendors, and other healthcare providers. What’s more, while managing a contract portfolio of this size is a gargantuan task in any sector, contract management within the healthcare industry poses unique challenges due to compliance requirements related to the highly sensitive nature of personal information contained within some types of agreements.

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Contract Administration Process: 5 Signs You Need to Optimize Yours

With contract portfolios for large companies extending into the tens and even hundreds of thousands of documents, effective contract administration is predicated on an organized, proactive approach. But even if your contract administration process seems to be working reasonably well, putting some thought into how to further optimize it further can reap significant benefits: according to the International Association of Contract and Commercial Management, more effective contract management processes can help companies grow profitability by nearly 10 percent annually.

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