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Contracts are the heart and soul of all commerce; they are a mutual agreement between two (or more) parties that, upon signing, creates legal obligations that each side must adhere to. This can be as simple as buying a product or selling a service. Without legal agreements and contracts, operating any substantial business would be nearly impossible; considering the volume of increasingly complex contracts organizations has to manage every single day, it is crucial to…
Contract management software is used to help organizations streamline and automate the traditional contract lifecycle in order to significantly reduce the amount of time and human errors typically associated with these processes. And, when it comes to law firms and legal departments, contract management software is especially essential. In this article, we will take a look at what it means to redline a contract, the challenges in the redlining of contracts, and why document redline…
Contracts and legal documents take up a lot of time for law firms and legal departments – luckily, new technology and digital solutions make it easy for businesses to manage contacts in an effective manner. Legal contract management software (CMS) helps organizations (and legal teams) streamline and automate the entire contract lifecycle, from creation to signing to renewal. Why is legal contract management software (CMS) important? Contract management software for legal departments…
The digital era we currently live in has revolutionized how we perform daily business functions and the way in which we operate – one technological advancement that has made a big impact in the last few years or so is ‘cloud computing’. Cloud-based contract management software (CMS) has many benefits over not just traditional non-digital contract lifecycle management, but it also performs better compared to other types of effective contract management…
Contracts are a source of many headaches and wasted time for many organizations that have difficulty keeping up with the large volume of complex contracts we deal with on a day-to-day basis in the modern business world. Contracts are a source of many headaches for teams Contract management solutions help businesses and teams save money and time dealing with these contracts and allow for a better experience for everyone involved. What Is a Contract Management…
The contract process is not necessarily simple to run perfectly nor is it ‘exciting’ enough to inspire businesses to put much effort into perfecting their system. So, it is far better to have a checklist or a set order of steps in order to streamline & automate the entire contract process and make sure everything goes as smoothly as possible, every single time. What Is a Contract Process? A contract is a legally binding agreement…
Vendor agreement contracts and vendor contract management is a challenging task for all businesses that require these legal agreements in order to operate. If a business hopes to effectively manage these various contracts and not become overwhelmed, it is crucial to use vendor contract management software. What Are Vendor Contracts? A vendor contract is a legal agreement between a contractor and vendor – it outlines the legally binding agreements relating to the work or services…
Contract lifecycle management is a process in order to help organize the creation, execution and management of contract agreements and legal documents. Contracts are an essential part of all business and commerce and managing these documents and their various legal obligations can be overwhelming – so, it is crucial to have a set system to help manage these contracts successfully. What is a Contract Lifecycle Management System? A contract lifecycle management system is meant to…
CLM (contract lifecycle management) software is booming in popularity as of 2020, and it’s really no surprise why; the need for contract lifecycle management software has always been present, but COVID-19 has forced many businesses to switch to digital. Not only are contracts becoming more complex but the volume of contracts has given birth to new trends in CLM software tools as well. CLM Solutions: Trends Online contract management was once a widely unknown…
“Ugh! I’ve been squinting at contracts all day,” my lawyer friend said. “It’s nice to see the sun and talk to a human!” We all can relate, right?  Business lawyers are so often trapped in tedious contract review and negotiations, largely because we guard our client’s legal knowledge and business intelligence as though it’s a secret fire we must keep hidden deep within the recesses of a cave.  We lawyers claim the sole right to…