How does contract management software for IT companies look different from other industries? In its structure and form, it may look the same but in its nature and complexity, an IT contract, and the type of its clauses will be different. India, which is the hub of IT outsourcing for the rest of the world, experienced a …
In one way or another, all businesses will have experienced initiating a contract. A contract is legally binding and creates a mutual agreement between all parties. They are used for vendors, clients, partners, and employees. That is why when drafting a contract, it’s important that all clauses are clear and all agreements are stated to avoid confusion. …
Among the several quirks of Dr Sheldon Cooper from the TV series The Big Bang Theory was the infamous room-mate agreement. And even though the agreement was more than 100 pages long and was hilariously elaborate, there were loopholes pertaining to the lack of clarity about certain terms. For instance, the term ‘emergency’ was not defined, an …
World Commerce and Contracting (WCC) did an interesting study recently, analyzing the world’s GDP from 2019. If you look at the world’s GDP of $87.5 trillion in 2019, it is hard to see how this whopping figure should not be impressive. However, the WCC asserts that the GDP that year would have likely crossed $90 trillion had it not …
Ask any business owner, and you will know how much businesses rely on third-party vendors to run their businesses successfully. From procurement, legal, key component supply to managing IT infrastructure, every business has a dependence on third-party vendors that they absolutely can’t do without. Although it seems to get a vendor onboard is easy (theoretically …
Is it possible to make everyone happy? Yes, if the contract has been read and terms verified thoroughly by both the parties while respecting each other’s duties and expectations, it is quite possible. A vital step in ensuring everyone is happy is contract redlining. The process of clarifying terms and editing the contract based on the …
A revenue contract management software does more than just organize your contracts. It helps businesses trace all contract information, track revenue and spending, stay ahead of renewals and monitor compliance. Poor contract revenue management can result in numerous hazards and can hurt your business financially. Did you know that a business can lose 9% of annual …
Siemens Enterprise Communications, Inc. (formerly Siemens AG) is a German conglomerate and one of the largest corporations in the world. In May 1999, the company lost $5 million to a lawsuit filed against it by another Software company Affinitec. The latter claimed that Siemens had breached most of its contract conditions. Siemens, instead of honoring …
Every organization has tons of paperwork in its everyday functioning. This includes agreements, contracts, forms, and documents to be signed. One of the most advanced ways to sign documents is using eSignatures. Electronic signatures free you from the hassle of manually tracking who signed which document and if all stakeholders signed the latest version. Businesses that choose …
Any task looks difficult unless it is done for the first time and then repeated. This is especially true in the case of contract lifecycle management. The drafting of the contract before it is signed is a tedious process that requires manpower and time. However, once that stage is crossed successfully, it becomes easier to speed …