Contract Meaning - What Does It Mean to Enter Into a Contract?

By Sean Heck on 11/30/22

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We hear about contracts all the time. They power business relationships across sectors, industries, and nations. Individuals, businesses, and societies at large use contracts to fulfill wishes and needs. Contracts keep our world moving.

But what is a contract really? Read on to find out.

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6 Elements of a Contract - An Easy-to-Understand Overview

By Sean Heck on 08/25/22

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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.

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What Is Contract Management? Here’s What You Need To Know.

By Sean Heck on 08/11/22

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Contracts are legally binding agreements that define and govern the exchange of goods or services. A contract’s journey – from creation to fulfillment and completion – is complex and leaves room for errors and oversights. As such, a process has been generally agreed upon for the handling of contracts. This process is referred to as contract management.

But what is contract management, and how can it be approached? Here’s what you need to know.

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The 8 Stages of the Contract Lifecycle

By Jamie Reedy on 06/27/22

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Contracts are legally binding - and thus need to be executed properly.  Organizations should equip themselves with a thorough understanding of the contract lifecycle.  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 contract renewal.  Let's further explore the eight stages of the contract lifecycle below and how contract management software can help streamline your contracting processes. 

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