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Entries by Rajeev Kumar

What are commercial contracts and their key clauses?

What are commercial contracts and their key clauses?

Commercial contracts are agreements that govern business relationships between people or businesses and specify the actions that each party will take or refrain from acting. Commercial agreements are typically verbal, but they can also be in writing. Written contracts are simpler to enforce and give the parties involved guidance on how to fulfil their contractual commitments.Any business that wants to work with vendors, seeks to attract new clients, or is willing to hire staff, must have commercial contracts. In addition to providing advice on how to manage these efficiently during the contracting process, this blog analyses some of the key […]

Contract Management Software Vs Project Management Software.

Contract Management Software Vs Project Management Software.

Contract administration is an expertise within the procurement industry, yet the obligations allocated to a contract manager are extremely broad. Contract management has an impact on many aspects of a business, including its budget, operations, customer service, and public image. Procurement and contract management are essentially the same thing. Both contract management and procurement are terms used to describe the larger process of selling or buying something from another person. Software for project planning, scheduling, resource allocation, and change management is known as project management software. It can be used as an administrative system that allows project managers (PMs), stakeholders, […]

4 contract management and procurement terminologies to be aware of

4 contract management and procurement terminologies to be aware of

Every purchase comes with an implicit or explicit contract because every business is bound by contracts, whether it is a small-scale or vast one. The vendors are bound by contracts. Before you enter into a collaboration with a new vendor or purchase a new product or service, it’s critical to draft and execute a vendor contract. There are four crucial terms that need to be included while drafting a contract in order to make your vendor relationship a successful one. Keep reading to learn more about the contract management and procurement terminologies that you need to know before drafting a […]

How to cope with a faulty contract management strategy

How to cope with a faulty contract management strategy

The contract management system software is primarily designed and written to meet the contractual obligations of the suppliers at a mutually agreed-upon cost and quality throughout the contract’s lifecycle. Because the contract’s lifecycle changes with the circumstances, contract lifecycle management software must manage the changes and variations in terms of scope, terms, and prices. The contract lifecycle management with its contract lifecycle management tools also ensures that the contract is structured based on its objectives so that the procurement takes place in a structured way. Contract management is the process of drafting contracts right from the creation and execution of […]

The merits of contract management software in the healthcare sector

The merits of contract management software in the healthcare sector

A number of unique challenges are faced by healthcare organizations, such as evolving agreement requirements, rising costs, and government funding, which cause tremendous issues for the contracts in the organization. While managing healthcare contracts and every related document, managing and drafting contracts for various physicians, payers, business associates, and service agreements, as well as ensuring and keeping up with the dates with regular agreement requirements such as the Health Insurance Portability and Accountability Act (HIPPA), Joint Commission On Accreditation Of Healthcare Organizations (JCAHO), Medicare, and other federal and state regulations, presents a real challenge. These difficulties are faced by healthcare […]

How do legal firms use CLM to streamline their processes?

How do legal firms use CLM to streamline their processes?

Contract management software for legal firms is crucial and a useful resource for any legal team’s day-to-day operational processes. Organizations can greatly minimize the amount of time and manual work required to manage the continuously increasing complexity of legal contracts by using this software. Contract management software can help to eliminate and rectify such issues. The software is jam-packed with features that make it much easier to store, track, review, and retrieve documents. The software can also execute a document or contract with e-sign, allowing legal firms to spend less time creating documents and more time on their obligations. Here […]

What is FMCG and why do they have to adapt to CLM software?

What is FMCG and why do they have to adapt to CLM software?

The fast-moving consumer market is a vast industry with billions of dollars in turnover all over the world. Fast-moving goods are in high demand because they are consumed rapidly and sold in large quantities. They are majorly nondurable as they consist of foods like milk, gum, fruit, vegetables, toilet paper, soda, beer, and some drugs like aspirin. FMCG is divided into three categories: durable goods, nondurable goods, and services. Durable goods have a shelf life of three years, whereas nondurable goods have a shelf life of less than a year. The majority of people use these fast-moving consumer goods to […]

Important Questions to Ask Your Next Contract Management Software Provider

Important Questions to Ask Your Next Contract Management Software Provider

If you are planning to upgrade your contract management software, you will definitely have questions about the software and whether it’s worth investing in this new software or not. Today we’ll go over the questions you should ask when selecting your next enterprise contract management software.

How Does the Software Protect Data?

The number one question you should ask is what the security features are that are offered, how they safeguard your data from online threats, and where your contracts are stored.

You should confirm whether the provider has a well-established and dependable server infrastructure, what kind of security protocol they use, whether […]

4 Myths About Contract Management Software

4 Myths About Contract Management Software

The contract management software manages corporate agreements for businesses of all sizes efficiently and effectively. But there is still a small reluctance by a few business owners who believe this is not the right solution due to a few misconceptions. These misconceptions can be a byproduct of receiving poor service from untrustable software providers or due to poor customer service.

Contract Management Software software is helping industries of various sizes to efficiently create, draft, collaborate and sign their contracts. If you are someone that is having a hard time maintaining contracts but don’t want to look at the other alternatives, such […]

The benefits of contract management software for construction firms

The benefits of contract management software for construction firms

A construction company is in high demand for contracts and makes the contracts seamlessly without any blunders in preparing agreements, budgets, schedules, and specifications such as the quality of the product they are using for construction, the cost of the materials, and the time scheduled for each project. In recent years, contract management software has progressed to redefine how the construction industry organises data and manages costs, providing better reliability than fussy sheets of paper and repetitive spreadsheets. And while these procedures are time-consuming, they are also likely to make a mistake. To avoid such errors, construction companies are adapting […]