Latest posts

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 …

Keep Reading →
Contract Magic

Who Is Responsible for Contract Management in a Small Company?

Unlike in large companies, small companies usually do not have a specific individual as a contract administrator – so who is responsible for contract management inside a small business of 10-100 employees? Most Commonly: The Finance Team This is the most common way of handling contract management in small companies. Typically the finance department is …

Keep Reading →
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 …

Keep Reading →
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 …

Keep Reading →
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 …

Keep Reading →
Contract Lifecycle

How to Build a Document Management Lifecycle for Your Small Business

According to a recent study from Canada, small businesses with more than ten employees spend two hours a week searching for documents. The cost? $5,760 every year. Most small businesses eventually reach a point where they need to start thinking about better document management. But document management is just as important to a small business …

Keep Reading →
contract respository hero image
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 …

Keep Reading →
Contract management in procurement - hero image
Contract Lifecycle

Contract Management In Procurement

Of all the teams in a business, the procurement team is often the one using contract management software the most. Contract management in procurement is critical, because the contracts that procurement teams manage are often the foundation of the company. If you’ve ever been in a procurement role, then you know how important it is …

Keep Reading →
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: …

Keep Reading →
Contract Templates

How To Write a Contract Reminder Letter (Template and Tips)

All contracts have an expiration date, whether they’re vendor contracts, employment contracts, tenancy agreements or another type of contract. When that expiration date approaches, you may need to send a formal contract reminder letter to remind the parties of the impending expiry, or to renew, renegotiate or cancel the contract (ideally, before the contract expires). …

Keep Reading →