We hear about contracts all the time. They power business relationships across sectors, industries, and nations. Individuals, businesses, and societies at large use contracts to fulfill wishes and needs. Contracts keep our world moving.
Contract Meaning - What Does It Mean to Enter Into a Contract?
By Sean Heck on 07/31/24
What Is Contract Management? Here’s What You Need To Know.
By Sean Heck on 05/29/24
Contracts are legally binding agreements that define and govern the exchange of goods or services. A contract’s journey – from creation to fulfillment and completion – is complex and leaves room for errors and oversights. As such, a process has been generally agreed upon for the handling of contracts. This process is referred to as contract management.
But what is contract management, and how can it be approached? Here’s what you need to know.
How Can Your Contract Process Be Improved?
By Sean Heck on 05/27/24
A healthy contract management process should constantly be adapting to technological advancements. As contract volume and contract complexity begin to grow, organizations must embrace digital transformation to be furnished with the right tools to streamline the contract management process. Such innovative CLM tools can be found within a trusted contract management software system. Read on to learn more.
The 8 Stages of the Contract Lifecycle
By Jamie Reedy on 05/20/24
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.