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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 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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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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4 Companies set to benefit from Brexit

By Jennifer Tran on Sep 6, 2016 2:19:23 PM

The referendum held on 23 June 2016 to decide whether or not the United Kingdom should stay in the European Union caused quite a ruckus when the results came back. The result, 52% for leave against 48% for remain, has caused a changeover in power as David Cameron announced his resignation with Theresa May rising up to take his place. Brexit is also set to impact British and non-British businesses in several ways due to its effects.  Although the majority believe Brexit will have a negative impact on business (for a detailed analysis you can refer to Global Counsel’s report, Brexit: the impact on the UK and the EU here), there are some companies which may benefit from the decision in relation to their corporate contracts.  Let’s have a look at four different companies may be experience positive results due to Brexit in relation to commercial contracts.

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