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:
5 basic tips for saving time in the contract management process
Future concepts and terms in CLM systems software
I recently considered the features Contract Lifecycle Management (CLM) systems are likely to have in the next 5 - 10 years. In this article I consider terms that are likely to be used in 5 - 10 years time in the context of CLM systems and contract management. Below I outline a few after reviewing Gartner’s CLM Maturity Model (as well as adding one or two of my own predictions).
Features that CLM systems are likely to have in the near future
Current contract management processes are lacking proper rules and controls. Why is that a bad thing? Well, serious consequences typically arise from lack of oversight during the negotiation phase or mismanagement of contract commitments after execution.
Compliance is expensive and time consuming—keep abreast of regulations can be a full-time job in and of itself, let alone ensuring your company is in compliance. Can automated systems keep your firm in compliance? Absolutely. Whether you work in a highly regulated industry or simply want to ensure your team is using the most up-to-date and legally solid contracts, automated tools can eliminate errors and breaches.