Contract Insights

Contract clauses and contracts themselves are built into the identity of the United States and so many other great nations. With the help of historic Supreme Court rulings, the contract and the contract clause were weaved into the cultural fabric of US society.

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.

Over the last year, our clients - legal professionals - have expressed their seemingly increased workload for reviewing contract documents, negotiating agreements, and signing contracts.  Recently, I was asked: "When do you know it is time to hire a full-time legal professional for contract management and legal review?" Considering the innumerable times I've been asked this question, I resolved to write a thorough and thoughtful response as a blog that aligns with our audience of contract management software users and prospective CLM users as well.  Discover 5 steps to determine if you need to hire a full-time legal reviewer or paralegal.