An effective contract management strategy is designed to help your organization reap the greatest benefits – and reduce risks such as penalties or lost sales – along the way. But if you’ve ever questioned whether your current strategy, and the contract management software you’re using to support it, are delivering the full benefits you're hoping for, you wouldn’t be alone: according to the International Association of Contract and Commercial Management (IACCM), just one third of sales people believe their organization’s contract management process is effective at maximizing value and minimizing risks.Read More
Most folks in the contracting world would agree that contract drafting is an art form. The negotiations involve a lot of push and pull in an attempt to find balance and stable ground, but it is the language of the contract itself that must clearly explain the precise bargain that was struck. As a result, the individuals who turn the negotiated terms into the actual words that make up the contract, usually attorneys, must carefully analyze every single word, sentence, paragraph, and piece of punctuation.Read More
Simply put, a non-disclosure agreement is intended to protect sensitive information and is usually a contract formed between two parties with an understanding that information will not be relayed to other parties. Usually outlined in the early stages of a business relationship, an NDA reinforces keeping vital information confidential for a certain length of time. Without an NDA, any exchange of information could result in giving away ideas that are integral to your company’s IP, and therefore are a must when communicating valuable data.Read More
This is the second blog post in a series highlighting contract management best practices. Part one can be read here.
There are obviously distinct phases of the contracting process and each individual phase will inevitably impact the other aspects in some way. The final phase, actually managing contracts once they are executed, constitutes a related yet separate and ongoing facet of the entire contracting process.