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Automation for Procurement Contracting

By ContractRoom on Aug 2, 2018 3:12:43 PM

Across industries and in our global economy, procurement contracting has expanded significantly.  Procurement officers are tasked with sourcing and managing the acquisition of all goods and services for their company or government department, as well as authorizing and negotiating renewals and terms. This is a tall order with many variables and challenges to consider. So how can procurement officers keep everything straight and what tools can they use to make their job a bit easier?  ContractRoom offers the perfect solution for procurement professionals.  Below are a few ways that ContractRoom has transformed procurement contracting.

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4 ways to overcome resistance to New Tools in your Company

By ContractRoom on Jul 26, 2018 11:40:39 AM

In our technology driven world, we’ve developed a new branch of humor dedicated solely to technology “hold-outs” that invariably includes our grandparents, rotary phones, and foot stomping resistance to anything that disrupts the status quo. The same is true for companies that introduce, on a large scale, a new tool or new process that will require employees to pivot and follow an unknown course.  These new ideas can be met with disdain, fear, and even outright defiance. So how can we ease resistance and encourage full participation, particularly when there’s clear evidence that the new tool or platform will make them more productive?  Here are 4 ways to help the transition toward progress.    

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Basic Terms You’ll Encounter during the Contracting Process

By ContractRoom on Jun 13, 2018 9:55:06 AM

Contracts vary in their structure, complexity and goals, but they can safely be defined as legally binding agreements between two or more parties made voluntarily.  They are frequently multi-layered and subject to endless back and forth negotiations before they are finally executed, but they share a similar language that helps streamline their creation.  It is important to always read and understand exactly what is expected of you before signing a contract, but with a handy glossary of basic contracting terms, you can get know at a glance the terms you’ll see more than once during the contracting process. 

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Smart Contracts or Smarter Contract-ing?

By ContractRoom on May 31, 2018 1:06:24 PM

We’ve got smart phones and smart houses.  The way we live and work has become immeasurably more interesting and efficient because of our technology.  The same is true for contract negotiations and the future is looking even smarter.  With emerging technology like Blockchain, contract lifecycle management (CLM) can be further revolutionized through self-execution, transparency, and mass collaboration.

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Smart Contract Operations - Contract Compliance

By ContractRoom on May 24, 2018 9:34:08 AM

Nothing can strike fear into the hearts of attorneys or businesses like “breach of contract.” Contract negotiations are tedious, exhausting and overwhelming. When a hard fought executed contract is found to be non-compliant, the results can be devastating to all parties involved. While a simple verbal contract, which meets minimal criteria can be legally binding. For business transactions memorialized in writing, contract compliance is significantly more rigid and complex.

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Smart Contract Operations - Contract Management

By ContractRoom on May 17, 2018 1:45:10 PM

It is not uncommon for businesses to focus all their efforts on an initial contract, and then feel that contracting work is done, only to realize there are many activities that carry forward, such as a renewal or amendment. Therefore contract management can be as important, if not more important, than that initial contract, such as a Master Agreement. Effective management of your negotiations, contracts and the contracting process can be the difference between a fruitful business relationship and a damaged one.  It can ensure the seamless renewal of a contract, or precipitate a contract termination or worse still, costly and time-consuming litigation. Yes, ‘breach of contract’ is a real thing and subsequent legal claim and litigation can be a huge distraction or even tank a company.  

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Smart Contract Operations – Faster, More Accurate Way to Process Agreements

By ContractRoom on May 11, 2018 12:54:42 PM

In a perfect world, business and legal activity would flow smoothly, employee productivity would be peak levels, and work/life balance would be mandatory.  But, since the world is far from perfect, corporations and their employees must do their best with imperfect environment. However, much of the business world is seeking a transformation of internal operations to achieve greater efficiencies and outcomes. With respect to the operation of business transaction contracting, there are several success stories of corporations embracing technology to help foster and achieve success – the key though is to lay the proper foundation which in some cases requires re-engineering process flows.

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Contract Lifecycle Management (CLM) Modules – Assembling Faster, Smarter

By ContractRoom on Apr 19, 2018 11:00:19 AM

While every contract has unique characteristics specific to the commercial transaction, there are certain features that lend themselves to standardization. Indeed, most contracts have been assembled by business and legal teams with a ton of “cutting and pasting” from various contract templates; however, with a lack of systemic control.  This can create what is known as content customization, worse yet and a ‘legal exception’ given the amount of complexity and risk a simple word change can generate. That is, content changes in the document assembly process can trigger a significant change in the intent or context and not be caught by the ‘naked eye’ in such process. So, if your company is a behemoth, or the proverbial “800 pound gorilla”, then maybe you can get away with just locking down your assembly process so no internal changes can be made.  And even not allow for editing or negotiation with your counterparty.

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Contract Lifecycle Management (CLM) Modules: Drafting Faster, Safer

By ContractRoom on Apr 6, 2018 10:50:48 AM

In every society throughout history, legal contracts have played an important role in day-to-day business activity. The concept of a voluntary and binding written or expressed agreement between two or more parties to provide a product or service for some type of compensation was as familiar to the citizens of ancient Rome as it is to us today. The difference between contracts long ago and now was perhaps the higher percentage of “handshake” agreements, as well as with 'much' less legal complexity.

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Configurable Software Applications - the Need

By ContractRoom on Mar 30, 2018 10:18:20 AM

Companies rely heavily on software applications to help with everyday business and
legal activities to facilitate getting done accurately and timely. But many of these organizations are growing rapidly and their operations are constantly evolving to scale and optimize, so they want and need technology that is configurable. And therefore they are now demanding that their software applications be adaptable, scalable , and flexible not only to their particular business and industry, but also to the individual work styles of their employees so as to enhance productivity and accuracy enterprise-wide. 
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