There are various types of contracts including, written, oral, express and implied. Contracts vary in complexity depending on the nature of the relationship but for a contract to be legally binding, it must consist of an offer, acceptance, consideration and consequences in the event of a breach of the contract.
Contracts are most commonly used in business settings and they serve the purpose of clearly defining the nature, extent and obligations of two or more parties in a business relationship. In a large organization that does business with many entities, managing the numerous contracts manually can be a headache and this is where contract management software comes in handy. It helps streamline the contract lifecycle from request, authoring, negotiation, approval, execution, management of ongoing obligations to amendment and renewal of contracts. The software needs to increase visibility of agreements within the organization in order to make procurement efficient.
Contract management software is not limited to large organizations smaller organizations with fewer users can also benefit from the various advantages this software offers such as reduced contract administration costs, reduced exposure and better compliance.
Contract management software can either be open source or customized to respond to a business’ specific needs. If one chooses to go for open source software then it’s important to look for one that is adaptable to multiple systems. A good contract management software should:
Facilitate proactive management of agreements instead of reactive. To do this the system needs to have the ability to provide advance warning for pending events.
Be accessible to all staff with relevant levels of access such as read only or full access. A repository of information is no good if the information cannot be shared.
Provide automation of agreements such that everyday tasks have a standardized way of doing them which also provides a good accountability system and audit trail.
Provide avenues of probing contract management processes such as tendering and quoting
Facilitate the making of any payments stipulated in the agreement by tracking all payments made during the contracts life times and if possible the methods of payment.
There are various types of contracts including, written, oral, express and implied. Contracts vary in complexity depending on the nature of the relationship but for a contract to be legally binding, it must consist of an offer, acceptance, consideration and consequences in the event of a breach of the contract.
Contracts are most commonly used in business settings and they serve the purpose of clearly defining the nature, extent and obligations of two or more parties in a business relationship. In a large organization that does business with many entities, managing the numerous contracts manually can be a headache and this is where contract management software comes in handy. It helps streamline the contract lifecycle from request, authoring, negotiation, approval, execution, management of ongoing obligations to amendment and renewal of contracts. The software needs to increase visibility of agreements within the organization in order to make procurement efficient.
Contract management software is not limited to large organizations smaller organizations with fewer users can also benefit from the various advantages this software offers such as reduced contract administration costs, reduced exposure and better compliance.
Contract management software can either be open source or customized to respond to a business’ specific needs. If one chooses to go for open source software then it’s important to look for one that is adaptable to multiple systems. A good contract management software should:
Facilitate proactive management of agreements instead of reactive. To do this the system needs to have the ability to provide advance warning for pending events.
Be accessible to all staff with relevant levels of access such as read only or full access. A repository of information is no good if the information cannot be shared.
Provide automation of agreements such that everyday tasks have a standardized way of doing them which also provides a good accountability system and audit trail.
Provide avenues of probing contract management processes such as tendering and quoting
Facilitate the making of any payments stipulated in the agreement by tracking all payments made during the contracts life times and if possible the methods of payment.
Tags: Contract Management Software
This entry was posted
on Tuesday, July 6th, 2010 at 3:14 pm and is filed under Info.
You can follow any responses to this entry through the RSS 2.0 feed.
Great Site
This software will be useful, definitely.
Sounds great
no tanks
i agree
I have no real web site just basic email
a
This really is not needed by me or anyone that I KNOW OF.
It’s not smething I am able to use but I’m sure it would be beneficial to those who need it.
sound great
haha was to confirm i read this email and now what? how am i to be paid. lol farce so far havent recieved no cash at all for reading loads and loads of info i dont want.
contract management software will make each contracts for both party to be easy. it provides a lot of benefits for individuals.
Interesting
This article is extremely detailed with information that very few would be willing to mow through.
The form the writter has used is not the best for an article. Sean uses one line paragraphs that should be bullet points for illustrate the main point he is try to get across.
The repeated use of the same phrases, and work combinations makes it very difficult to read through.
I have no more input. Someone should have edit this piece or have the author start again using another starting point to discribing the software
Giving examples of what he is trying to discribe would have been helpful, as well as allowing the reader a breath to digest important points that the writer is attempting to share.
Sounds a good programme, however not in the market for this at the moment
How much is that software
it sounds ok but i think you need to keep things a little more simple exspecially for the ones that dont understand… it also is quite boring i had to read it 3 times as i lost consentration…
This program would alleviate a lot of problems.
The construction company where I am accountant at is continually making progress into the countries north of South Africa, constructing roads, factories and residential housing, would get
a certain amount of relief from this program, as we now rely on CA’s and Attorneys to see to all contractual arrangements.
However due to us gong into huge projects in Mozambique and Zimbabwe we are cash strapped.
I will recommend that my CEO investigates this program.
I BELIEVE ANY WAY TO MAKE THINGS MORE ACCESSIBLE, MORE ACCURATE AND UP TO DATE IS VERY IMPORTANT, AND I FEEL LIKE THE CONTRACT MANAGEMNENT SYSTEM CAN DO JUST THAT IF GIVEN A CHANCE AND WORKED WITH AS EVERYTHING ALWAYS NEEDS “TWEEKING”.
It’s very useful information. So I have reposted it on my site http:://agro-turisme-fishpond.blogspot.com . Thanks.