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… Read more »
7 Essential Tools in a Contract Management Software for 2023
A contract management software offers end-to-end management for your documents no matter what industry you’re in. It is important that your contract is flawless for many reasons. First, you want the document to be precise and accurate to create a clear understanding between all parties involved. Then you want your contracts to be managed well… Read more »
What is Contract Repository?
Do you still print your contracts and store them in filing cabinets? If you’re unaware, there is a better way to manage your contracts. Technology has made everyone’s lives more convenient, especially with dealing with contracts. With today’s digital contract transformation, users can now access their contracts anytime, anywhere, and make decisions at the speed… Read more »
Difference Between Contract and Agreement
Businesses that don’t use contracts or manage them properly can face many challenges. Contracts help strengthen relationships and create a good workflow within the organization. So, every business must understand what contracts and agreements are and how they can benefit from them. We’ve all come across the words contract and agreement, but what is the… Read more »
Benefits of Having a Contract Management Software for IT Companies
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,… Read more »
5 Common Contract Drafting Mistakes
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… Read more »
Service Level Agreement (SLA): The Ultimate Guide
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… Read more »
What is Contract Administration? A Comprehensive Guide
Ever wondered how businesses involved in large-scale projects such as bridge construction draw up contracts? Recording and anticipating needs and expectations is indeed a herculean task in large contractual projects, apart from getting everyone to sign the contract. This is where the concept of contract administration becomes crucial. Contract Administration vs Contract Management Contract administration… Read more »
How Poor Contract Management will Cost you, Now or Later
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… Read more »
What is Contract Redlining and How Does it Help?
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… Read more »