3 min read
If you're trying to improve your contract management process, you’ve probably asked: What metrics actually matter? The answer comes down to three key performance indicators (KPIs): contract efficiency, contract efficacy, and contract risk. These KPIs help teams measure how well contracts are performing, how quickly they move through the lifecycle, and how much risk they carry.
Let’s break down what each KPI means, why it matters, and how you can track it effectively.
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.
3 min read
Signing contracts is important. A signature seals an agreement between parties, legally binds them, and confirms responsibilities. By signing, you confirm that you have read and understood the terms of the contract and are bound to perform your duties as outlined in the agreement. Financial health, legal standing, and reputation are all on the line. Given the importance of signing contracts, you ought to have a healthy and efficient process for doing so. To that end, here are five tips for a better contract signing process.
3 min read
Contract execution is a critical stage in contract lifecycle management. By this point, the terms of the contract have been negotiated. Parties involved have ensured that everything is understood and all necessary resources have approved the written agreement. From there, contract parties sign the contract to propel its execution.
Given the importance of this stage of contract management, you should know what an executed contract is and its meaning. As such, here is a brief overview of contract execution.
