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Future contracts: The future is written in paper

By ContractRoom on Sep 19, 2018 9:41:20 AM

Like we’ve mentioned earlier on our blog, there are many types of contracts. And what ContractRoom does is work with all types and simplifies their structure digitally  to make for faster, smarter negotiations. That’s why today we’ll talk about ‘future contracts’.

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Benefits of sourcing a Contract Management System

By ContractRoom on Sep 17, 2018 1:24:02 PM

Contract Management is a process that is usually defined as the execution and monitoring of the contract to maximize its potential while minimizing risks. With contract management, you can track all your purchases and/or sales related to contract. You can also easily search your contract repository and find related metadata to take quick action. The main importance of a quality contract management is to provide a systematic platform, offering several tangible benefits to a corporation, such as:

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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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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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What’s the future of contracting and the Blockchain for business transactions?

By ContractRoom on Dec 8, 2017 5:00:00 PM

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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A short history of legal drafting (Part 3)

By Katie Cook on Mar 15, 2016 9:23:32 AM

Innovative approaches to standardizing contracts 

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