Contract Insights

In April 2022, we announced CobbleStone's exciting million-clause initiative to nourish and enhance VISDOM® AI - CobbleStone Software's proprietary contract intelligence engine with machine learning.  In June 2022, we announced that 330K contract clauses had been fed to VISDOM contract AI.  Now, we are thrilled to announce that over 500,000 clauses have been "fed" to VISDOM thus far!  This stage in the momentous 1,000,000 contract clause project is just one of many testaments to why CobbleStone® has been hailed as the leader in contract management software.

Did you miss any of our blog posts from August?  Don't worry; we have outlined each of them for you.  Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in September by reading the latest CobbleStone® content.

Business relationships power various industries within the public and private sectors. At the crux of virtually every business relationship is a contract. Contracts serve to cement the obligations, duties, and expectations of two or more engaged business parties.

But what are contracts really? How do they work on a fundamental level?

Let’s explore six key elements of a contract that are widely applicable to almost every business relationship – and why they matter for effective contract management.

Contract drafting is essential in helping capture the purpose of a contract in written form. Haphazard drafting of a contract can result in pushing outdated contract versions to collaboration and negotiation. Additionally, the lack of a centralized and informed process can result in incorrect language being introduced into the review process. Unfavorable terms, missed obligations, and legal disputes can follow.

To help you avoid these consequences and more, here are five practical contract drafting tips for more effective contract management.