Last updated on July 2nd, 2020 at 01:43 pm A breach of contract is a risk that anyone who enters a legal agreement faces. Especially if you deal with a high volume of external and internal contracts. For example: employment contracts, customer deals and vendor contracts. At some point, you are unfortunately going to come across a contract that doesn’t deliver on the agreed upon terms. But since contracts are legally binding documents, if a part does fail to meet their contractual obligations, there is usually recourse to a remedy. When there is a failure to meet contractual obligations, this i ..read more

Last updated on July 2nd, 2020 at 01:43 pm When it first came on the scene, legal tech was a revolutionary innovation. And while it still has its uses in some cases such as small legal firms, any legal business looking for an enterprise contract management solution needs to seriously consider the value inherent in contract lifecycle management (CLM) solutions. Especially, if you are interested is saving time and money, reducing errors and increasing productivity and profitability. This can be achieved when a contract lifecycle management software solution helps by automating and accelerating t ..read more

Last updated on July 2nd, 2020 at 01:42 pm That old cliché that says, “you get what you pay for” is just as relevant for contract management software. And while it can be easy to get caught up in the short-term costs of enterprise-level contract management software solutions, the truth is it is much more expensive to use low-cost contract management solutions. If you find yourself in a situation where you’re trying to convince your bosses about getting good quality contract management software, you need to think about it from their point of view. What tangible benefit does enterprise contract ..read more

Summary: Being a contract manager in today’s diverse business landscape can be an interesting and difficult challenge. Not only is there a lot of hard work involved, you also need: The correct attitude. To understand the ins and outs of your industry. Having a thorough understanding of your company’s contracting process. To be fleet of foot when it comes to new technology and innovation. In this article, we are going to delve a little deeper into the four traits a modern contract manager needs to succeed. Cultivate the right skills You can take courses to become a contract manager. But what ..read more

Making the shift to remote contract management is a big step for your business. It’s one that many businesses have had to make quickly in the light of the COVID-19 pandemic. Properly managing your contract pipeline is critical to keeping your business flowing smoothly during this period. You want to make sure your contracts move smoothly down the contract pipeline with remote access features. A smarter contract management system can help, often without the in-person touches that usually help your business manage those tasks. To manage your contract pipeline with remote access, try some of thes ..read more

As the COVID-19 crisis continues, many businesses are making critical changes to their operations. These allow them to continue to provide services to their customers and keep their employees working throughout social distancing measures. Your business may need to take a hard look at many aspects of how you manage your employees and your clients. This includes how you manage your contracts throughout the crisis and creating virtual office processes. One important element that you may need to change? Your contract approval processes.  The Importance of Streamlining Your Contract Approval P ..read more

When your team is working remotely, your managers may face more challenges than usual monitoring contract statuses. By setting up automatic contract reminders for managers, however, you can provide your team with complete insight. This is an essential element of your WFH plan for approving and managing contracts. Let them see your contract statuses and keep them informed about the steps that need to be taken next. Follow these steps to get started: 1. Involve managers early in the process. Often, managers need early insights into the contract management cycle. Your normal process might not bri ..read more

With many businesses making an abrupt shift to remote work in light of the current pandemic — or even if your business has decided to offer remote options for employees for other reasons — it has become increasingly important for employees to be able to access contract records from anywhere they are. Employees who cannot access contracts cannot complete many of their daily work responsibilities, including negotiating and approving contracts. So you want to be sure they have the tools they need to be successful, including systems so they can access contracts at home. 1. Make sure all your contr ..read more

COVID-19 has caused incredible disruption and interrupted contract obligations across multiple industries. Businesses have been forced to close their doors. Many cannot operate using their usual processes. Others may struggle to keep up with their obligations to clients and vendors alike. While shifting to a paperless contract approval system will help, you may find yourself without access to subcontractors that you usually deal with or struggling to keep up with your contractual obligations. How can you handle those processes due to COVID-19? Step One: Check the Terms on All Your Contracts Ma ..read more

Your office is empty due to the current COVID-19 pandemic. You may have no idea when your workers will return to the office. In some cases, what your business will look like when they return may be completely different. At the same time, you may have a substantial number of vendors with whom you already have contracts, waiting to deliver their products and services to your business. As you’re creating your paperless contract approval system and COVID-19 action plan, make time to consider your vendors. Do you have an action plan in place to handle them? Step One: Determine What You Need from Yo ..read more