contract management system

Understanding procurement management, the simple way

A Procurement Management Process helps companies purchase goods and services from external suppliers, it further includes a series of activities and processes. The procurement management process comprises planning, selection, administering, and closing procurement i.e. awarding and managing the contract. It is vital for any organization to have a proper procurement management system so to avoid […]

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Contract abstraction: Reduce cost while improving your contract functioning

[vc_row][vc_column][vc_column_text]Contract Abstraction A process of \”abstracting\” key dates, clauses, payment terms options, and other information from a contract into data useable by a Contract Management System. This provides a concise view and saves companies precious time and resources. Furthermore, through the utilization of contract abstraction services, documents are easier to read for non-lawyers since essential

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A Short Guide to Contract Risk

When a contract comes into existence, it automatically creates benefits and risks for contracting parties as it consists of many elements like consideration, offer, and acceptance, intention, legal purpose, etc. Contract risk can occur in any phase from creation to execution of the contract, say when creating a contract there can be communication gaps leading

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Why there is a need for implementing a CLM solution?

Contract Management The role of contract management is evolving now. It’s not simply filing documents anymore; contract management entails understanding each facet of a contract’s lifecycle to extract purposeful insights. Business with contract lifecycle management efforts in place is able to serve their clients better, resulting in more revenue opportunities from existing and potential clients.

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How contract management software can help your sales team increase profitability?

Contracts are one among the difficult documents that ought to be evaluated befittingly, and if there isn’t a clear system for the solid review process in place the terms may be overlooked leaving a company in a weaker position. Across your business, whether in sales, legal, marketing, or vendor management, contracts help protect the company,

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Manage your contract obligations

What is a contract obligation? An obligation is a necessity, a bond, a guarantee; something that must be performed. Lawful wording stipulates the utilization of \”will\” and \”should\” to state firm Obligation in an agreement or a guideline. The expressions \”will\” and \”may\” are likewise used to demonstrate less strong duties, yet are nonetheless significant

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Stages for effective contract execution and management

[vc_row][vc_column][vc_column_text]Contract lifecycle management popularly known as CLM is the process of managing contracts from requesting a contract to the disposition of the contract. Various tools and software are available in the market to handle this process effectively. Morden-era tools even allow automated drafting, redlining, digital signatures, and compliance management on the tool itself. Implementing an

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How to make contract legal management systems more productive?

[vc_row][vc_column][vc_column_text]The more robust systems allow you to track dozens of attributes, the important, sometimes critical data contained within your contracts. Without tracking attributes, you will not be able to make full use of your investment in these systems. As an example, if you do not extract and track basic things like the expiration date, how

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Contract Lifecycle Management (CLM) is becoming a “need to have” priority for firms

Contract Lifecycle Management is no longer a “nice to have” initiative, but rather a “need to have” business practice. With a direct impact on both revenue and expenses as well as the risk profile of a company, many businesses have an elevated interest in implementing automated solutions. The efficiencies introduced by an automated contract lifecycle

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Data extraction from contracts – in-house or outsourcing to a specialized firm

When clients are dealing with contracts or legacy contracts, NLP/AI technologies can be used to extract salient data points. This data is then loaded into a CLM (Contract Lifecycle Management System). Having good software for the extraction of data is essential, but it is not sufficient if any accuracy is desired. Why is accuracy a

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