Contract Insights

Contracts serve as legally binding agreements that outline expectations, responsibilities, and potential outcomes of a business relationship. Understanding the essentials of a contract is critical for facilitating clear communication and awareness of both parties. But what makes a contract valid and enforceable? What are the four basics of a valid contract? Let's explore those key elements more in this blog post.

"Do I need a contract management system?" This is an important question to consider critically. Although contract management software is a significant investment, the high price of low-cost contract management often far outweighs this initial, carefully considered expenditure. What's more, according to Goldman Sachs, an automated contract management system can lower the cost of managing contracts by 10-30%. If managing contracts is a critical part of your organization's operations, consider the following key factors when deciding whether or not you need a dedicated contract management solution.

Business automation is already sharpening professional methods across a variety of industries.  However, advancements in artificial intelligence (AI)  can be particularly advantageous as they apply to contract management software systems. Contract intelligence engines built upon a foundation of machine learning just need to be fed a nutritious diet of relevant contract data. Let's explore AI contract management in more detail and learn how to increase accuracy and minimize human error in contract lifecycle management (CLM).

Did you remember to read all of our blog posts from November? Don't worry; we have outlined each of them for you. Stay up-to-date with industry topics, real-world case studies, and contract management software and procurement best practices in December by reading the latest CobbleStone^® content.

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.

Solid business contracts fuel smooth operations for businesses that meet our demands and innovate for a better world. But what are the steps involved in business contracts? How can businesses form a winning strategy for mutually beneficial outcomes? This blog will explore the three steps of business negotiations along with the strategies and tools needed to succeed.

Technology has brought expediency and efficiency to a myriad of business processes. However, some contract management solutions fall short in this regard (that is, they fall short of true digital contracting). Pushing web-based contract documents between resources and enhancing collaboration is a start, but true digital contracting moves beyond the status quo of a document-first approach that is untraceable, unactionable, and slow. But how do organizations move on from the disjointed movement of digital documents and embrace a data-first, data-driven, and truly integrated approach to contract lifecycle management (CLM) designed for the modern contract management professional? Read on to discover the benefits of digital contracting for legal teams and anyone else involved in the contracting process.

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.