There is a lot of effort in organising your contracts, but we suggest putting some time in to thinking about how you’re going to organise them before you start. Because it’s a big collection effort, getting your data in the right format can save a lot of time down the road. A little bit of ..read more

A bilateral contract is a contract where two parties both make promises to each other. A party refers to a person or organization that has signed an agreement and is expected to follow the terms. The simplest example is what we think of as standard business contracts. A manufacturer and a retailer enter in to ..read more

While every contract is different, we wanted to put together as comprehensive a checklist as possible on how to review contracts. Remove items from the checklist that aren’t applicable to you. Download Excel Version Parties Involved * Verify the legal names and addresses of all parties* Confirm the authorities of the signatories Scope of Work ..read more

What is a Contract Repository (or contract database?) A contract repository is a centralized location storing all of your key contract data. As the volume of your contracts grow and people enter and leave the organization, managing your contract data becomes critical to running an efficient organization. A contract repository is the go-to database that ..read more

Roll your own Contract Repository For organizations on tight budgets or with small contract volumes, here’s how you can roll your own contract management. See our Keeping Track of Contracts in Excel post to download our free Excel template. Step 1 Assign Responsibility The first and most important step is assigning responsibility inside your business ..read more

This is the full 2024 guide for choosing the best contract management software for small business. It may not be sexy, but it is smart. Having a great contract management process can make the different between a stressed day and a calm day… Or an audit failed and an audit passed. Picking the right solution ..read more

Customers use contract approval software for better contracting process. More often than not, the missing part is a way to manage contract approvals. You know the pain – you need to order a big piece of machinery, but it needs to be signed off by accounting before you can. This kind of internal flow holds ..read more

A wet signature refers to a traditional physical signature written in ink. The wet in the sentence refers to the ink requiring some time to dry. It has become a popular term in more recent times to distinguish between paper signatures and electronic or digital signatures. Where are wet signatures still required? While electronic signatures ..read more

When most of us think of contracts, we think about what we would call a bilateral contract. A bilateral contract is an agreement between two parties. Unilateral contracts are agreements where one individual or organisation (party) makes a promise or offer in exchange for something performed by someone else The key part being that the ..read more

A Contract Manager orchestrates the Contract Management Lifecycle. The creation, execution and analysis of contracts to maximize operational and financial performance, while reducing risk. Key Responsibilities What skills does a Contract Manager typically possess? The key skills for contract management are: Popular certification programs for Contract Managers in the US are CCCM or CPCM What ..read more