Contract Insights

Vendor management in 2026 is more critical than ever. Increased third-party risk. Compliance changes. Far-reaching digital transformation. It's all cause for a shift in strategy. What's more, there are very real consequences to poor vendor oversight. Breaches and compliance failures could leave your organization's reputation and standing at risk. According to a 2024 study published by Prevalent, a whopping 61% of organizations reported a third-party breach or security incident in the past year¹. Thankfully, a robust strategy and vendor management software tools can help address modern vendor management challenges!

Key Takeaways

• Contract termination is the process of ending a contract before all obligations are met. This can happen for several reasons, including a breach of contract or by mutual agreement.

• A successful contract termination strategy involves three key steps: identifying underperforming contracts, writing a professional termination notice, and ensuring proper financial closeout.

• Using contract management software can significantly streamline this process by providing data analytics, termination templates, and financial tracking tools.

CobbleStone® has released its latest software update - CobbleStone Contract Insight^® Enterprise Version 22.3.0. This new release offers refreshing contract lifecycle management software tools for continuous legal operations success! Read on to familiarize yourself with next-generation contract management software features and innovations to centralize your contract administration processes!

Vendor, customer, and employee compliance management are essential for organizations to maintain adherence to compliance standards, mitigate risk, and uphold their reputation. However, as contract volume grows, it can be difficult for organizations to track the records of vendors, customers, partners, and employees regularly. To achieve and maintain compliance, it is paramount that organizations, regardless of industry, remain aware of violations committed by entities they are performing business with. Such violations include failure to adhere to economic and trade sanctions under The Office of Foreign Assets Control (OFAC). Contract management software with intelligent national sanction compliance checks and risk analysis snapshots can help organizations avoid these issues by providing a comprehensive and centralized OFAC search process. This solution is CobbleStone Software