4 Types of Breaches of Contract You Need to Be Aware Of

Breach of contract: it’s a risk faced by anyone who enters a legal agreement. If you deal with volumes of agreements (and volumes of types of agreements, from employment contracts to vendor and customer deals), chances are good that eventually you will run into a contract that doesn’t deliver on the terms agreed to by all parties.

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4 Trends Driving the State of Contract Risk Management

Anyone who uses corporate contracts will tell you that managing such agreements is really about managing risks. With that, the majority of corporate revenues are typically tied into agreements with customers and vendors, the effective mitigation of contract risk plays a major role in a company’s ability to realize the full value of hard-won business agreements. Proactive contract risk management also enables businesses to limit costs, penalties, and other fallout when things don’t go as planned.

But risk landscapes are constantly changing – for better and for worse. While some innovations can help businesses identify and contain potential threats faster and more effectively, other forces, such as shifting regulations require greater diligence than ever before.

Here are four key trends that are currently driving the state of contract risk management.

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3 Ways to Make Your Contract Management Plan More Successful

Contracts are one of the most important tools in your company’s possession for driving business results. Whether you’re talking about employee agreements, vendor and supplier contracts, or deals with customers, contracts provide a legally-enforceable framework. A framework for navigating your most important business relationships detailing everything from specifics about deliverables to important terms, conditions and backup clauses should anything go wrong.

But just because all parties sign on and are required to adhere to the terms of an agreement doesn’t mean that contracts magically deliver simply by virtue of their existence alone.  Contracts require careful, detail-oriented handling throughout their lifecycle to ensure that all parties reap the intended benefits and minimize their risks. This practice is known as contract management and having (and sticking to) an effective contract management plan provides key benefits, from a reduced risk of compliance infractions to more favorable outcomes for future contract negotiations.

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4 Tips to Ensure Successful Contract Management Implementation

How effectively your business can manage contracts is a significant to your organization's overall success. According to research from the International Association of Contract and Commercial Management (IACCM), improving contract management can improve corporate profitability by nearly 10 percent annually.

Where do so many contracts go wrong? While businesses can put their best foot forward by taking steps to draft well-defined contracts with clear deliverables and terms, many contract related losses and missed opportunities to improve value occur after a deal has been negotiated and signed. In other words, how a contract is implemented plays a direct role in its outcome.

According to the IACCM, contracts that are not managed diligently throughout their term risk leaking value. For example, the IACCM reports that 77 percent of companies lose value due to project delays and cost overruns, a risk that may be mitigated or avoided altogether through stronger contract management implementation.

Here are four tips to reduce risk and improve value from your contracts through successful contract management implementation.

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Productivity Alert: You Might Need Contract Management Software

Selecting a contract management solution can be a daunting task.  There are many different software providers available, all with different features, and it can be hard to know where to start. In addition, depending on your company’s resources and capabilities, there may be a small team tasked with overseeing a rather voluminous contract portfolio. With so much at stake - and so many irons in the fire - how do you decide which contract management solution is right for you?

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New Ebook: The 2019 Buyers Guide to Contract Management Software

Deciding which software solution makes sense for your organization doesn't have to be complicated. With The Buyer’s Guide to Contract Management Software, you will learn how to you evaluate and implement the right contract management software to fit your needs. After reading this guide, you will be better informed about your options and better able to choose a contract management solution capable of meeting your organization’s goals and objectives and improving your contract management processes.

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Assessing the Value of Your Contracts

Measuring contract performance is critical to managing a company’s contract portfolio. Before you know what to fix, you first need to know what’s broken. When it comes to finding the profit potential in your contracts, you must begin by understanding what contracts you have, their status, and their potential costs and revenue opportunity. As a result, the contract management team must have clear metrics by which to measure performance.

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Machine Learning: What It Is and What It Isn't

As conversations about the capabilities of artificial intelligence and related technologies pick up speed, you might increasingly encounter unfamiliar terms and concepts – and the fact that notions such as “AI” and “machine learning” and other related things are frequently (and incorrectly) used interchangeably can only increase confusion around these emerging technologies.

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Contract Management Software: Things to Watch Out For & Avoid

From employment agreements to customer and vendor contracts, businesses typically have a variety of types of agreements within their portfolios, which can have direct and indirect effects on the bottom line. And while service contracts – those with suppliers who provide business-related services such as internet and maintenance – may not have a direct line to company revenues, your ability to manage these contracts appropriately can affect overall performance.

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ContractWorks Tops G2 Crowd List for Top Contract Management Software

Communication. That’s the driving force that motivates the entire ContractWorks team, from sales and marketing to product development to customer service. By encouraging feedback and working hard to develop strong relationships with our clients, ContractWorks is always innovating and updating with one eye on “what can we do?” and another on “what do our customers need?”

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