25 posts by Julian Canlas

A subcontractor contract is a formal written document detailing the deliverables, timeline, and other important factors during a partnership between contractors. There are various elements that subcontractors should watch out for that will impact the agreement.  This week, we we’ll be sharing a checklist of items you should include in your subcontractor agreement to ensure …

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Contract Templates

All About Exclusive Contracts (includes Exclusivity Template)

Like its name suggests, an exclusive contract is one that restricts a party from providing the same goods/services to others for a specified period of time. This can also be applied in the context where a company obtains exclusive rights and agrees to do business exclusively with another company. We’ll examing exclusive contracts in some …

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Contract Magic

What Skills Does A Contract Manager Need?

As your company grows in size, so does the number of contracts you have to manage. When you have a sizable contract repository, it is a good time to consider adding a contract manager to your growing team – but what skills should you be looking for? Contract managers play a critical role in companies …

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Contract Magic

Void, Voidable, and Invalid Contracts: What You Should Know

In most cases, once you sign a contract, you are legally obliged to fulfill what was stated in the agreement. However, there are exceptions that could lead to the contract being “void” or “voidable”.  Knowing the difference and what makes a contract invalid will enable more effective contract reviews during the drafting stage and avoid …

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Contract Compliance Primer Hero
Contract Lifecycle

The Different Levels of Contract Compliance

No contract lifecycle is complete without compliance. In fact, according to global management consulting firm, McKinsey & Company, companies that fail to invest in a proper contract management system stand to lose up to 9% of their revenues annually. This is where successful compliance programs come into play, as they help mitigate these potential losses.  …

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Termination of contract letter
Contract Templates

Termination of Contract Letter: Some Useful Tips & Templates

Having a proper termination process within your company is just as important as hiring and onboarding – and notifying people is an important part of the termination process. So in this article, we’ll be sharing some tips and templates to guide you in drafting up professional contract termination letters.  Contract termination is inevitable in every …

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Contract Automation Guide
Contract Lifecycle

Using Contract Automation to Scale your Processes

How efficient are your contract lifecycle management processes? According to Aberdeen Research, an average company takes about 20-30 days to create, negotiate and finalize a contract.  If you are looking for ways to shorten your contract lifecycle, it is time to consider contract automation. Through automation, you can cut more than half of the time …

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Wet Signature illustration
Contract Magic

Does Your Contract Need an Electronic, Digital, or Wet Signature?

For contractors, freelancers, and small businesses, getting a wet signature on contracts and other legal documents can be a major time suck. We’re seeing a shift to digital and electronic signatures – which means we can do business faster than ever.  However, the transition from physical to digital means we must be able to accept …

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Cloud Contract Management is coming!
Software

The Contract Hound Guide to Cloud Contract Management Platforms

Are you ready to ride the wave and convert to using cloud contract management systems? By 2021, 94% of enterprises will already be using a cloud service (whether private or public). Plus, the cloud transition has also been further accelerated by the pandemic – so here’s our guide to the pros and cons of cloud …

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Software

What’s the Ideal Contract Repository For You?

How long does it take you to retrieve a contract from your company’s database? Do you know specifically where to access each piece of contract information? A good contract management system acts as both a repository and contract management tool. So in this article, we’ll introduce why you need a contract repository, how it benefits …

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Contract Risk Management Guide 2021
Contract Lifecycle

A Guide to Contract Risk Management

Every contract has its associated risks, and although no risks can ever be 100% eliminated, there are various ways to protect and mitigate against potential risks. This week, will be sharing a simple risk management framework and some best practices in risk mitigation.  What Is Contract Risk? Contract risks are generally associated with two issues: …

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Contract Negotiation Cover Image
Contract Lifecycle

A Guide to Contract Negotiation

Want to be an expert in negotiating on your contract terms? Contract negotiation is the process of coming to an agreement on a specific set of terms between two or more parties. This includes the obligations each party must fulfil once agreed in writing and signed. It can be tempting to rush through the contract …

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Contract Lifecycle

Contract Closeout: Guide and Checklist

Your contract closeout process can be simple or complex depending on the contract attributes such as contract type (cost reimbursement, fixed price, etc.), period of performance, type of contracted work, etc.  In this post, we’ll introduce our best practice guide and a quick checklist for contract closeouts, which you should observe to effectively minimize your …

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Contract Signing Online - Guide
Contract Lifecycle

How to Make Contract Signing Online Secure and Effective

A contractor should never sign a contract without understanding and negotiating its key terms. In this week’s post, we will be sharing with you some best practices all signatories should observe when it comes to contract signing, whatever industry you’re in.  Why Do Contracts Need To Be Signed? Contracts become legally binding and formal only …

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Contract Administrator Hero
Contract Lifecycle

The Contract Hound Guide to Effective Contract Administration

Every business that wants to scale its operations needs to implement efficient contract administration and management processes. As a result, it becomes a full-time responsibility for employees, who are termed as “contract administrators”.  Contract Administration is the management of contracts in general. It has the potential to impact all aspects of your business and you …

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Temporary Contracts: An Employer's Guide
Contract Magic

Everything Employers Need To Know About Managing Temporary Contracts

Temporary contracts are normally a form of employment contract. Each temporary employment contract has an end date to take note of for renewal or termination. They are often more flexible than permanent contracts, because temporary contracts include fixed end dates that can be renegotiated by both the employer and the contractor. But here also lies …

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Contract Types Header
Contract Magic

What Different Commercial Contract Types Are There?

Contracts act as a legally binding agreement between parties – they ensure adequate compensation after the fulfilment of contract obligations. With so many agreements needing a contractual base, there are many different contract types used across several industries – but for the majority of commercial contracts we encounter in our clients’ day-to-day business, contracts are …

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Contract Magic

Everything You Need To Know About Formal Contracts

As your company grows, the more legal agreements and formal contracts you’ll have to make to secure your partnerships. These can be in the form of purchasing goods and services, haggling for lower prices, entering a new job, etc. As such, you must understand the aspects of formal contracts to protect your business and ensure …

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Contract Lifecycle

How to Correctly Terminate a Contract

Many scenarios may warrant contract termination. Understand the clauses in your contract as well as your rights under general contract law to ensure that your termination of contract is effective and, most importantly, lawful.  Wrongful termination is a real possibility and can leave your company in threat of legal proceedings. This article will help you …

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4 Tips to improve your contract approval process
Contract Lifecycle

4 Easy Ways to Improve Your Contract Approval Process

The contract approval process in an organization can be complex and time-consuming. Even more so when things are not well coordinated and located on different platforms. Fortunately, you can surpass various obstacles with contract management software. The main cause of problems arising from the contract approval process stems from human factors. When many people are …

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everything you need to know about vendor contracts
Contract Magic

Everything You Need to Know About Vendor Contracts

If you are running a rapidly growing business, you’re likely find yourself in need of vendors that can provide you with products or services critical to your operations. While many vendor businesses today choose “standard form” contracts for the sake of consistency and uniformity, it is still possible that you may find yourself negotiating customized …

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Contract Magic

Agreement Vs Contract: All You Need To Know

What are the differences between contracts and agreements? Both are important for partnerships between companies and other organizations. Still, many often get confused between the two and unknowingly enter into agreements that may or may not be legally binding.  In this article, we’ll introduce the differences and the benefits of one vs another. What are …

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Contract Lifecycle

A Comprehensive Contract Review Checklist

As overwhelming and complicated as a contract may be, you should never sign a contract without a proper review. The truth is, businesses both allow and expect counterparties to make changes and edits to the contract before signing it. This means that you have an option to negotiate a contract in your favor. At Contract …

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Contract Lifecycle

How to Establish Effective Contract Management Practices

Managing contracts is a crucial, yet often overlooked, part of business management. As your organization grows, so does the volume and complexity of the contracts you have to manage.  Poor contract management practices can lead to costly accidental renewals, a lack of understanding of who manages the contracts, and a contract management system that cannot …

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Contract Lifecycle

Contract Renewal: Everything You Need to Know

Dealing with contracts is among the most common business practices for small and large companies alike. Yet, without proper organization, contract renewal can present a multitude of challenges: costly accidental renewals, a lack of centralized record-keeping for the contracts, personnel changes, a poor handover between teams.  You can easily miss a contract renewal date, especially …

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