If you’re a provider of professional services, engagement letters are essential—not just to set the terms of the client relationship, but to protect you from litigation. For example: in 53% of all claims asserted against CPA (Certified Professional Accountant) firms in 2021, there was no related engagement letter. In this post, we’ll share our guide to engagement letters and show you how to write one. Key takeaways An engagement letter is a written agreement between a client and a service provider It sets expectations, outlines responsibilities, and avoids misunderstandings Engagement letters ..read more

Document vs record – it can be confusing. There are so many terms we use in our daily work lives that it is understandable. Records vs documents are two terms that are often – wrongly – used interchangeably. We look at the differences so that you’ll never be perplexed again. Key Takeaways A document is a written, printed, or electronic communication that provides some sort of information. A record is something that evidences an event, from something as simple as a team meeting to recorded conversations used in a criminal trial. Documents can be altered, whether by a simple edit, additions mad ..read more

Regularly keeping track of incremental sales is one of the best ways of determining how best to allocate your marketing resources. In this article, you’ll find out how to calculate incremental sales for any given marketing campaign, as well as some useful tips and best practices on how to maximize this metric. Key takeaways Measuring incremental sales helps improve your marketing strategy. You should focus on personalization to build stronger customer relationships. It’s important to take account of seasonal sales patterns when calculating results. Remember to factor in the cost of incrementa ..read more

The terms “contract bond” and “performance bond” refer to types of surety bonds used in construction and other contract-based projects, but they serve different purposes. While a contract bond is a broad term covering various types of bonds ensuring overall contract fulfillment, a performance bond is specifically focused on the completion of the work as per the contract’s standards and specifications. Key takeaways Performance bonds serve both as a legal obligation and a trust-building tool for project owners, demonstrating the contractor’s ability to complete the project. The cost of a perfo ..read more

Virtual data rooms (VDRs) have become pivotal in meeting the demands of executing modern, complex business deals. A key component of successfully closing these deals is having all the online documents and folders easily located — and that’s where a data room index comes in. A data room index is an ordered list, like a table of contents, for all the docs inside your VDR. The index is used to simplify the search of information for all parties engaged in any business activity carried out via the data room; in particular, VDRs speed up conducting due diligence. Read on to learn more about the impo ..read more

Quote-to-Cash (Q2C or QTC) is a process that connects fairly distant points in the sales process. From the moment a request for a quote is received and all the way to shaking hands over a contract and getting paid, QTC dictates how intermediate sales goals are achieved.  However, Q2C and CPQ are often used in the same context, which creates some confusion and leads us to the need to define these terms and use them correctly. Without further ado, let’s get into it. Key takeaways Quote-to-Cash (Q2C/QTC) is a process that companies follow from the moment a quote request is received to the m ..read more

Let’s say you found your dream house with a charming backyard ready for purchase. The catch? Traditional routes to property ownership may not offer the tailored solutions your situation demands. For example, you may be experiencing one of the following: Your credit history is not impeccable, making it challenging to secure a traditional mortgage. You’re self-employed and lack the steady proof of income demanded by traditional lenders. You wish to negotiate terms directly with a property seller. You seek a repayment plan tailored to your unique financial situation. This quest for alternatives ..read more

Wondering about the difference between an addendum vs exhibit? It’s easy to get the two confused, but it’s essential to understand how each of these documents can help you manage contracts. We’ll explore this and more in this article. Key takeaways An addendum is a way of updating the terms of a contract. An exhibit supplements a contract by providing additional information and context. Both addendums and exhibits are essential and serve various purposes across various industries. PandaDoc can give you the tools you need to create comprehensive contracts with ease. What does an addendum mean ..read more

An acquisition contract is a legal document that facilitates the buying of one company by another.  This contract outlines the details of the deal, including the transaction description, guarantees and promises, conditions, commitments, provisions for ending the agreement, and clauses for compensation. Read on to learn more about the specifics of acquisitions, what an acquisition agreement consists of, and how contract management software, virtual data rooms, and e-signature solutions can streamline your business contracting. Key takeaways Entity purchase agreements and asset purchase ag ..read more

Once a project gains momentum, it can be challenging to maintain the same focus you had at its beginning. Deliverables miss deadlines, objectives are overlooked, and the scope broadens. Enter the project initiation document (or PID), which can help cure you of many of the most common project missteps and pitfalls.  Key takeaways A project initiation document outlines vital project information and parameters, including objectives, success criteria, and timelines. Project initiation documents are more detailed and comprehensive than project briefs or proposals.  A PID is a living docu ..read more