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Back in 1998, the National Basketball Association (NBA) team owners and players were in acute disagreement over contract terms. So much so that the negotiations lasted six months, causing the game season to be postponed. In the end, the owners had to exercise a final arbitrary deadline for the players to participate, or else they… Read more »

The stage where a contract is drafted is called contract authoring. As simple as it sounds, the process of authoring a contract is no easy feat. Contract authoring involves considering and understanding the needs of both parties while drafting clauses in standardized format. Contract authoring is never a one-man’s job. It involves several people and… Read more »

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »