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A single business is not an isolated box, fully self-sufficient in serving the needs of its customers.  Every single business needs to buy goods and services, whether something as ordinary as office goods or something more particularized like a custom product or service. Buying requires contracts, and contracts require management. This is the vendor management process: storing, organizing, negotiating, renewing, and terminating contracts with a business’s various suppliers. In a small business, vendor management is…
Evisort supports risk management and improving operational efficiency across legal contract environments and we are happy to report that Evisort achieved compliance with the relevant trust services criteria through a successful passing of SOC 2 Type II and SOC 3 security audits. This verifies that Evisort manages our customer’s data in the most secure, safe and proactive way, even for the most regulated industries.  Service organization control (SOC) audits are performed by certified public accountants…
Contract analysis software brings many key benefits to any organization. One of the key benefits  is to improve the entire contract review process and easily integrate documents. Such software is fueled by the latest developments in artificial intelligence (AI) which allows you to automatically locate, extract, and review significant contract information in just minutes – something that previously  took hours. Not only does such software enhance visibility into your contracts, making it easy to get…
Contract management enhanced by AI is already progressing by leaps and bounds . . . imagine what it will look like by 2025? Here, we’ll take a look at the changing nature of contract management software, examine its importance for service-based businesses, project managers and legal teams, and predict what it will look like in five years. AI’s Influence Artificial intelligence (AI) is an emerging technology that will continue to have a significant influence on…
The Situation The Coronavirus, which has tragically spread quickly throughout the globe, is creating a new normal during this unusual time. Our economy is being tested with the cancellation of large events, travel restrictions, and some businesses having to temporarily shut their doors.  What is Force Majeure? Many have asked us about Force Majeure, the provision that defines occurrences that are outside and beyond the control of the parties (acts of God, war, famine, and…
A mature business invests in contract management. Small businesses, entrepreneurs, garage start-ups, and sole proprietors are the kinds of businesses that can afford to manage their contracts manually – that is, when they’re just getting started. The early days of any business are marked by more concern over landing those first few contracts than managing them. However, as a business ages and accrues contracts, some form of contract management system must be chosen by any…
Do contracts apply to every sphere of business? It would appear so. Contracts are the DNA of business itself, intrinsic to the very concept of free-market capitalism. Janitorial companies use contracts to agree to supply cleaning services to offices, and aerospace corporations use contracts in their agreements to provide high-tech fighter jets to governments. In between, there’s everything else, from franchise retail to multinational corporations. In recent years, spurred on by the growth of e-commerce,…
Contracts are the formal, finalized agreements between businesses, necessary for legal protection between parties. They are used to dictate the respective roles between a company and its vendors, partners, customers, and employees. Managing contracts, then, involves the process of overseeing the creation, signature, storage, execution, and review of contracts. This process poses a growing challenge as a company matures through the business cycle from start-up to enterprise. What are the 6 stages of contract management?…
Contracts are like the engines of businesses, driving growth and containing mission- and business-critical obligations and opportunities for organizations. But still, firms continue to struggle to do something that sounds so simple: connecting contracts to business value. Just take a look at the opportunities that can be lost in a typical Fortune 1000 company that manages between 20,000 to 40,000 active contracts at any given time. Legal Tech News says at least 10 percent of…