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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 – 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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Various Commercial Contracts – which is right for my situation?

By ContractRoom on Dec 15, 2017 5:30:00 PM

Legally speaking, 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.

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Things to watch out for (and avoid) in contract consulting agreements

By ContractRoom on Dec 13, 2017 6:00:00 PM

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.

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What’s the right software for my company?

By ContractRoom on Dec 6, 2017 6:00:00 PM

With so many options in the market, buying new software to fulfill a specific need in your company can be dream—or a nightmare. So, where to start? What do I need to know? What should my team be taking into account?

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How effective is collaboration in negotiations with contract lifecycle management software?

By ContractRoom on Sep 13, 2017 6:03:29 PM

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?

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What’s the future of Contract Lifecycle Management and the Blockchain?

By ContractRoom on Sep 12, 2017 6:35:00 AM

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.

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Various Commercial Contracts – which is right for my situation?

By ContractRoom on Sep 5, 2017 7:00:00 AM

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:

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