How To Simplify Contracts

Contracts may formalize important agreements and impose significant responsibilities, but that does not mean that they have to be lengthy documents written in a complicated language. In fact, contract drafting should take the opposite approach and focus on keeping things as simple as possible. Contract-related disputes that often arise end up in court because of differing interpretations and understandings. Although language, in general, s subject to interpretation (including contract terms), there are ways to avoid unnecessary ambiguities. Here are a few ways to keep contracts simple:

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Results-Oriented Contract Management

Most companies are constantly evaluating how to run their businesses to ensure maximum productivity, efficiency, and, of course, revenue and profit margins. Companies are essentially trying to figure out how to employ a results-oriented management style. This is true in various sectors and for many different segments of business, including contract management. Here are a few things to keep in mind when aiming for results-oriented contract management:

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Rethinking Traditional Contracts

There are many ways to define and describe contracts. In addition to the usual words associated with contracts, like verbose, confusing, and binding, the thought of them also conjures up all sorts of imagery. For many people, the idea of contracts likely evokes images of stacks of paperwork, arguing lawyers, wood-paneled courtrooms, and black-robed judges, among numerous other possibilities.

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Understanding the World of Ambiguous Contract Clauses

Contracts are fun and easy to understand, said no one ever. There is simply no way around the fact that contracts are complicated. Every aspect of the contracting process, whether negotiating, drafting, executing, managing, or enforcing, presents a unique set of issues and challenges. Fortunately, companies engaged in regular contract management can drastically simplify the complexity of the process by choosing the right cloud-based solution.

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Benefits of Contract Milestone Management

Supervising people and managing projects are not exactly easy tasks. This is particularly true when it comes to managing contracts and trying to shepherd those involved with ensuring that the contractual terms are fulfilled properly. Depending on the nature and scope of a company’s contracts, complying with the many provisions of these agreements may require the involvement of one, several, or many company employees, as well as any number of outside individuals.

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Contracts Are Assets Not Weapons

With litigation on an alarming upward trajectory, a lot of companies view contracting as a necessary evil of conducting business. It would be impossible to complete transactions without the terms of an agreement formalized in writing. But, contracts aren't just about portraying obligations and responsibilities in a textual format. Rather, contracts as a whole are meant to create value and yield economic benefits to the companies involved.

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5 Key Actions of Strategic Contract Managers

Contract managers will always engage in the negotiation, implementation, and management of a company’s contracts to some degree. However, the role of a contract manager has been gradually changing as the global economic landscape continues to shift and evolve. These days, a contract manager must do far more than serve in an operational capacity, as they had traditionally done for quite some time. Now, the scope of a contract managers's day-to-day responsibilities also entails a great deal of strategic evaluation, planning, and execution. Contract managers must, of course, continue to manage contracts diligently, but they must also actively monitor compliance, analyze performance, and make strategic changes as appropriate in order to promote the growth of the company.

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