Contract Insights

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 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.

Business relationships power various industries within the public and private sectors. At the crux of virtually every business relationship is a contract. Contracts serve to cement the obligations, duties, and expectations of two or more engaged business parties.

But what are contracts really? How do they work on a fundamental level?

Let’s explore six key elements of a contract that are widely applicable to almost every business relationship – and why they matter for effective contract management.

As a legal operations professional, you hold a tremendous responsibility within your organization – especially in managing internal and external stakeholder processes.  Relying on manual contract management processes such as spreadsheets, emails, and shared drives can create inefficient contract management processes that can decrease revenue, waste time, and increase risk.  Read on to learn how legal operations software and contract management software can empower your day-to-day legal operations.