Contract Insights

As the modern business environment becomes increasingly complex, corporate legal departments are under growing pressure to streamline operations, manage contracts, safeguard intellectual property, and control legal spending. In this digitally driven age, in-house legal software serves as a viable solution to these challenges.

From simple deals between friends to complex business arrangements, contracts play a crucial part in defining the terms and conditions of an agreement. One common type of contract is a bilateral contract – which we will explore in this blog post!

Contracts are an essential aspect of everyday business operations (and even everyday life in general). They govern myriad transactions and agreements – serving as the cornerstones of personal and business relationships. There are many different ways to categorize and compartmentalize contracts by type – including as unilateral and bilateral contracts.

One of the most common types of contracts that appears in business settings is a unilateral contract. What is this type of contract – and why does it matter?

In this blog post, we will dive into the concept of unilateral contracts and provide examples of how different types of unilateral contracts work!

Contracts and agreements power every industry. We would even venture to guess that virtually every business utilizes contracts in some form or another. As such, organizations must ensure that their contracts are properly prepared and legally enforceable.

Let’s review what makes a contract legally binding, and how to manage legal contracts to ensure that they are virtually airtight from contract execution to contract renewal.