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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 …
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. …
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? In 2024, 94% of enterprises are already 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 contract …
Software
Juro Pricing: What You Should Know
Juro’s contract management software claims to offer flexible plans to suit all business sizes. But as experts in small business contract management ourselves, we had some questions – so we decided to get some answers about the various Juro pricing plans once and for all. As of May 2021, baseline pricing for Juro is charged …
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 …
Contract Magic
Contract Management Roles and Responsibilities
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 …
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 …
Contract Magic
Does your contract need an Electronic 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 …
Contract Lifecycle
Create a Document 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 …
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 …