Traditional contracts can have several pitfalls that can be avoided through the use of technology. Think about what a contract traditionally has been: a single, lengthy, paper-based document that is time consuming to create and, therefore, does not get updated regularly.
Most general counsel and procurement officers would probably agree that collaboration in contract negotiations is a challenge even when all parties are in the same room. So what happens in our virtual world where the new normal is that people are spread across multiple locations and time zones? What does virtual collaboration look like?
With emerging technologies like blockchain ledgers and decentralized markets taking hold, business managers can fully expect the business contracting environment to change dramatically in coming years.
Contracts can be interpreted in vastly different ways. From verbal contracts, called express contracts, to implied and quasi contracts, project managers need to plan for all possibilities.
When setting up a written contract, there are several basic types to keep in mind:
When you picture a contract in your mind’s eye, you probably imagine a two things: paper and words. Specifically, a lot of paper, and a lot of words. However, with the digitization of the contract, hard copies of these documents are much more rare, and in the future, dense blocks of words may be sharing more space with images, charts, illustrations, infographics, and visualizations.
Ensuring the success of a consulting job begins at a very specific point: negotiating the consulting agreement with the contracting party before any official work begins.
Contrary to what might first appear to be the case, long, dense contracts filled with legalese are not necessarily more thorough and do not necessarily do a better job at offering legal protection than shorter, plainer contracts. In fact, long and unwieldy contracts are often harder to navigate, harder to understand, harder to control, and possibly, harder to defend in the courtroom.
Contract standardization has a history that is almost as long as contracts themselves. Due to the complexity of contracts as well as to the legal aspects of contracts, businesses and individuals have long used standardization practices in conjunction with all phases of the contract practice, from what contracts say to how they are presented and approved.
Contracts have a well-known reputation for being dense, technical, and even completely incomprehensible–and historically, people expect contracts to be baffling fine print that can only be interpreted by attorneys.
Request for Proposals (RFPs) are, more than anything else, opportunities: opportunities to partner with a new business, opportunities to show you capabilities, and, ultimately, opportunities to grow your business. In fact, without the ability to submit accurate and engaging RFPs, you lose the ability to be a successful business.