Bilateral Contracts Explained: Here’s What Businesses Need to Know Bilateral Contracts Explained: Here’s What Businesses Need to Know CLM What is a Bilateral Contract? Contracts serve as the cornerstone of legal agreements in various domains, ensuring that promises are exchanged, obligations are met, and expectations are fulfilled. A bilateral contract is a binding agreement in which... Read More
Unilateral Contract: Definition, Elements & Operational Framework Unilateral Contract: Definition, Elements & Operational Framework CLM A Comprehensive Guide to Unilateral Contracts Contracts are the backbone of legal agreements, shaping the dynamics of various interactions, including personal and business relationships. Contracts form an indispensable foundation for the systematic functioning... Read More
What is Contract Repository: Why Should Firms Embrace Digital Contract Storage? What is Contract Repository: Why Should Firms Embrace Digital Contract Storage? CLM From client relationships, employee agreements, vendor agreements, to sale deeds, contracts form the backbone of all business relationships. According to Cottrill Research, close to 60-80% of business operations are governed by contracts. However, the... Read More
Contract Creation Through CLM – Everything You Need To Know Contract Creation Through CLM – Everything You Need To Know CLM A Brief Introduction To Contract Creation On CLM Contract creation is of utmost importance for business organizations as it establishes legal protection, defines rights and responsibilities, manages risks, ensures clarity in business relationships, and... Read More
Employment Contracts – What Are They & How To Manage Them Employment Contracts – What Are They & How To Manage Them CLM A Brief Overview Of Employment Contract Management Managing employee contracts is a massive operational challenge for organizations. The biggest issue with employee contract management is rolling out employment contracts complying with legal and organizational... Read More
Contingent Contracts – What They Are & Where To Use Them Contingent Contracts – What They Are & Where To Use Them CLM In a business environment, certainty is the exception. Payments depend on delivery milestones. Bonuses depend on performance metrics. Insurance payouts depend on unforeseen events. Even vendor contracts and sales agreements often hinge on approvals,... Read More
Complete Guide to Contract Management in Procurement Complete Guide to Contract Management in Procurement CLM Contract Management in Procurement – Overview Procurement contracts, also known as purchase contracts and agreements between buyers and sellers that create a legally binding relationship that protects both parties during the procurement process.... Read More
Signing Of Contracts – How To Sign Contracts Online The Smart Way Signing Of Contracts – How To Sign Contracts Online The Smart Way CLM A Brief Overview Of Signing Of Contracts The signing of contracts is not only a ubiquitous activity but also a powerful legal act that indicates contractual terms and conditions have been consented to and act as evidence. Without a valid signed contract,... Read More
Contract Negotiations With CLM – Everything You Need To Know Contract Negotiations With CLM – Everything You Need To Know CLM What Is Contract Negotiation? Contract negotiation is the process of reaching an agreement by negotiating a set of legally enforceable terms (in this case, between two firms). When two firms negotiate, both want beneficial terms while minimising financial,... Read More
Breach of Contract – How To Avoid Breaches With Smart CLM Breach of Contract – How To Avoid Breaches With Smart CLM CLM Breach of Contract – What is it & How to Avoid it? Many businesses handle a multitude of contracts on a large scale, and breaches of contracts often lead to unsuccessful deals. The challenge lies in efficiently managing these contracts and their... Read More