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Entries by Rajeev Kumar

Best Practices in Managing Contract Amendments

Best Practices in Managing Contract Amendments

During a contract’s lifecycle, changes or amendments are an imminent part, which requires proper management and monitoring. The reasons for the changes are wide and varied. A few notable causes that call for changes in contracts include price fluctuations, changes in demand patterns and unforeseen circumstances that require mandatory amendments. Whatever the changes might be, the contract manager must record the developments to ensure seamless business functioning. In this digital era, it is simpler than ever to accommodate changes. Contract management software helps to track those changes efficiently and help the team stay abreast of the contract developments.

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Maximize Contract Productivity with eSignature Feature

Maximize Contract Productivity with eSignature Feature

We live in a digital era, where every activity is automated or semi-automated, thereby increasing the productivity of the general workforce. In the past few decades, we saw phenomenal growth in the industrial and business sector, where software has simplified the activities to a great extent. When it comes to contracts, the advent of the robust contract management software system has redefined how the contracts are managed, monitored, and executed. One of the outstanding features that are responsible for the seamless functioning of contract management software is the facility to incorporate the eSignature feature.

But, What is […]

Top 12 Most Important Job Functions for a Procurement Department

Top 12 Most Important Job Functions for a Procurement Department

One of the crucial activities in an organization is the procurement department function which must be conducted effectively and efficiently. Companies are beginning to understand the potential that their supply chains and procurement divisions contribute to their profitability. Effective procurement department helps to streamline processes, reduce raw material prices and costs and identify better sources of supply, thus improving organizational efficiency.

Report from Florida-based Hackett Group says through the deployment of digital tools, procurement organizations can reduce operational costs by up to 45%, achieving efficiency levels while at the same time enabling them to improve effectiveness and customer experience.

Hence, procurement has […]

What CEOs Need To Know About Digital Contracts?

What CEOs Need To Know About Digital Contracts?

The state of modern business is quickly evolving. To flourish, it is basic to make a move and grasp new digital tools that modernize woefully old procedures, with the end goal to drive sustainable growth and success.

However numerous companies are still stuck utilizing obsolete procedures and tools. Does emailing a document back and forth and uploading to shared drives sound familiar?

Maybe slightly reminiscent of certain existing contract management processes? What about walking a contract to an office, or even faxing a signature to a client? Still using two, three or more tools throughout the lifecycle […]

Contract Management is the Foundation of Your Business

Contract Management is the Foundation of Your Business

What is a Contract?

Contracts are legally binding agreements and they will tell almost every detail of a business. If you own or manage a business, you maintain with the contract all the time in your dealings with contractors, vendors, commercial landlords, banks, employees, customers, and client.

Why contract is important?

A written contract plays an important role in any business transaction. Apart from making the agreement between concerned parties legally binding, contracts can also serve as future references, part of the business’ policies, as well serve as proof in the event of misunderstandings, complaints or disputes needing litigation proceedings.

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Why Contract Management Is Important To Your Business

Why Contract Management Is Important To Your Business

What is contract management?

Contract management or contract organization is the administration of agreements made with clients, sellers, partners, or workers. The workforce associated with contract organization required to arrange, bolster and oversee powerful contracts are regularly costly to prepare and hold. Contract management incorporates arranging the terms and conditions in contracts and guaranteeing consistency with the terms and conditions and additionally archiving and conceding to any progressions or corrections that may emerge amid its usage or execution. It very well may be abridged as the procedure of methodically and proficiently overseeing contract creation, execution, and examination to maximize monetary and […]

The Newest Technology for Business- Contract Management Software

The Newest Technology for Business- Contract Management Software

It’s hard not to observe that technology changing the world. From robots taking orders at the Cafés to the ongoing development of all things in the world. Therefore, computers and different types of automation platforms will be around for a while. Fortunately, these machines bring a great advantage. There’s one remarkable technology revolutionizing the business industry in particular: Contract Automation or Contract Management Software.


A contract management platform has many Attractive features, such as Approval Workflow, Auto Extraction, Buy Side (Suppliers), Completion Tracking, Compliance Management, Contact Management, Contract Drafting, Contract Templates, Digital Signature,Document Management, Full Text Search, Lifecycle Management, Milestone […]

6 Factors to evaluate the right contract management software for the legal counsels & teams

Contract management software, sometimes also mentioned as contract administration, refers to the processes and procedures that companies may implement in order to manage the negotiation, execution, performance, modification, and termination of contracts with various parties including customers, vendors, distributors, contractors, and employees.

Contracting is one of the most crucial activities in determining the success of any business arrangement, and shall not be considered as the jobs to be done by the lawyers only. There are multiple stakeholders involved in completing any contract.
This article, mainly targeted for the legal counsels as well as the internal/external legal teams.

Here are the six key factors […]

Five things you must know about the Smart Contracts

Computer scientist and legal scholar Nick Szabo first proposed the idea of smart contracts two decades ago. He suggested that the decentralized ledger could be used for smart contracts, otherwise called self-executing contracts, or digital contract Management Software.

Today, even if the actual use of smart legal contracts remains largely in the future, the idea has gone mainstream.

You might have heard this term many times and would be thinking about it often. This quick article is aimed at providing you with a very brief overview of smart contracts, its usage, and key benefits.

What exactly is a ‘smart contract’?

Smart contracts are really […]

Five priorities for the corporate law firm’s technology innovation team

Contract Management Software as per the Global Deloitte CIO survey 2016-17. More than half of CIOs see innovation as a key priority. But they also feel that Managing Partners / CEOs are so risk-averse. They are unable to get the money to fund the innovation.

Many international firms today have dedicated ‘Innovation Teams’ that are tasked with looking at new technologies and provide innovative strategies for the legal firms’ future.

Legal tech applications range from expediting document searches to helping predict the outcome of lawsuits. To managing complex cross-border M&A transactions through the deployment of project management tools and software. Furthermore, companies […]