As 2018 draws to a close and we look to the future of contract management, it's important to review some of the significant changes and innovations we've seen over the last year. We expect many of these trends to continue and grow into 2019, with contract management becoming more automated and convenient for all different types of businesses.Read More
The average Fortune 2000 company may be a party to as many as 40,000 active contracts, each one with its own set of authorities, enforcement, and risks. Allowing an ad hoc system of organization and management to develop - instead of a well-planned and methodically initiated strategy - creates unnecessary risk and adversely affect long-term growth.Read More
While contracts are relatively straightforward in their construction - offer, acceptance, and consideration - beneath the surface lie a multitude of opportunity and obligation. Adding another layer of complexity, many contracts can be subject to competing authorities depending on the location of the parties, the ever-evolving regulatory landscape, and internal policies or responsibilities.Read More
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.Read More
Most business transactions, including the execution of a contract with another firm, subject a company to risk. With contracts in particular, there is always the risk that one side to the agreement will not perform as stipulated, causing a great deal of harm or loss to the other side. Although there is no way to completely eliminate the risk associated with contracting, there are certainly a number of steps that companies can take to mitigate the likelihood, as well as the impact, of a breach or other misfortune. Here are the top tips for successful contract risk management:Read More
Legal contracts are foundational for companies of any size and industry. By codifying the exact relationship between a business and its customers, contracts place weight behind the promises that both parties make to each other and provide a framework for handling disagreements.
Unfortunately, far too many companies are failing to live up to the best practices and standards of contractual risk management. The International Association for Contract & Commercial Management, for example, estimates that companies lose nine percent of their total revenue every year via poor contract management.
From a complex contracting landscape to scarce investments in good contracting processes, the potential issues that you'll face are significant. The following article will give you an overview of the challenges of contract management and what you need to do to make your processes more efficient and productive.Read More
Outsourcing is the way of the world. Businesses of all sizes frequently find themselves in situations in which they simply do not have the time or resources to take care of all of their operational activities. Thus, it is often necessary to recruit professionals external to the company to help handle certain matters. This is true across sectors and throughout many departments within a business, including the contracting world. In many cases, companies subcontract with other firms to provide a service independent of or in conjunction with their own service delivery. It is clearly risky to outsource certain activities, as it is harder to control for quality, but with the right management approach, it can prove to be quite useful. Here are some tips for managing outsourced contracts:Read More
It is no secret that companies in the oil and gas industry enter into contracts that have the potential to be very lucrative. Regardless of where a company is in the production and distribution chain, oil and gas continue to be pretty solid moneymakers. But, because the firms involved are seeking to maximize their profits, they often try to find creative ways to structure agreements. If companies aren't careful, they may end up agreeing to terms that will gradually erode their own earnings. Here are some of the top things to look out for in these sorts of contracts:Read More
For companies engaged in contracting, understanding compliance is critical to survival. High value contracts, in particular, will be subjected to very strict oversight and scrutiny. Obviously, failing to comply with contract terms could mean lost business for a company, but there may be legal consequences and hefty financial penalties as well. And, compliance is not always about an evaluation of an external party's actions, or lack thereof.Read More
For most companies, the in-house attorneys’ roles and responsibilities are not exactly delineated within a concrete list. Instead, their day-to-day duties, and the areas in which they are involved, tend to expand and shift, depending on the existing needs of the company. Obviously, the in-house team spends quite a bit of time reviewing contracts, crafting both internal and external documents and agreements, and helping the executive board make strategic decisions in a manner that mitigates risk.Read More