The first question every business asks when considering new technology is: What value will it deliver for our enterprise? To help businesses answer this question when considering an enterprise Contract Lifecycle Management (CLM) platform, Forrester Research has provided six major sources of value from a CLM system in its new report
Contract data is the information that is contained within a company's contracts. This data can be used to track the performance of the entire organization or specific departments within the company. The data can be structured in a variety of ways, depending on the needs of the organization.
Contract authoring is one of the foundational steps in the contract lifecycle management process where the agreement is created. Poor contract authoring frequently involves clauses scattered throughout many documents, subpar governance across contracts, development tracking breakdowns, lackluster line item management, and breakdowns in contract unification and subcontracting. Standardized language reduces business risk. Automation of contract management authoring with templates and clauses improves consistency and governance and enables more efficient self-service authoring.
Contract management has strategic importance. Organizations should seek to optimize people, processes, and technology to manage legal agreements for maximum business value. Great contract managers understand the pivotal role they play, and they bring a unique mix of technical and interpersonal skills to the table.
Most of us are very familiar with the concept of a contract of adhesion – even if we might not be acquainted with the term itself. Adhesion contracts – also known as boilerplate or standard form contracts – are generally a “take it or leave it” proposition.
Independent contractor agreements play a critical role in protecting your company from risk and ensuring you get the best possible value from your service providers. Generic boilerplate contracts are risky because they fail to account for the differences in law across multiple jurisdictions. By implementing a CLM system that simplifies the creation of custom independent contractor agreements, your organization can remain efficient and agile, while also reducing costs.
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