How Can Your Contract Process Be Improved?

    By Sean Heck on 05/27/24

    reading-minutes-icon-one-color 6 min read

    A healthy contract management process should constantly be adapting to technological advancements.  As contract volume and contract complexity begin to grow, organizations must embrace digital transformation to be furnished with the right tools to streamline the contract management process.  Such innovative CLM tools can be found within a trusted contract management software system. Read on to learn more.

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    The 8 Stages of the Contract Lifecycle

    By Jamie Reedy on 05/20/24

    reading-minutes-icon-one-color 4 min read

    Contracts are legally binding - and thus need to be executed properly.  Legal teams should equip themselves with a thorough understanding of the contract lifecycle management process.  The contract lifecycle is the process under which a contract is authored, reviewed, sent for signature, executed, and - potentially - renewed. 

    The "lifecycle" is an archetype used to compartmentalize and understand a contract's complex evolution.  The lifecycle begins with contract requests and concludes when these requests are fulfilled - with the possibility of managing contract renewal.  Let's further explore the eight stages of the contract lifecycle below and how digital contract management software can help streamline your contracting processes. 

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    Contract Renewals: Mastering Contract Management Series

    By Sean Heck on 03/18/24

    reading-minutes-icon-one-color 4 min read

    Manual renewal methods with spreadsheets, emails, emailed reminders, and wet signatures may suffice for organizations with low contract volume and complexity. 

    Unfortunately, organizations managing thousands of contracts of ranging types can face challenges. Moreover, such an outdated contract renewal strategy can increase the risk that a contract expires with a desired renewal having been overlooked. It's time to take control of how you manage contract renewals. Read on to learn how to leverage renewal process best practices with contract management software.

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    Obligation of Contracts - An Overview

    By Joshua Hansen on 01/17/23

    reading-minutes-icon-one-color 4 min read

    Unfulfilled contract obligations can create a post-award contract management nightmare that can escalate to stressful legal action – such as issuing a cease and desist or suing your counterparty. 

    So, how can you avoid this? 

    By clearly defining the obligation of contracts between you and your counterparty and leveraging contract management software tools to receive timely alerts for each obligation of contracts, you can retain contract obligation accountability instead of meddling with unnecessary disputes.

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