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Simplified, Balanced Contract Language Helps Minimize Contractual Disputes

All parties entering into a contractual agreement naturally seek to minimize potential disputes. Despite best efforts, this is sometimes unavoidable. It is therefore generally always in a contract manager's best interest to select language that is understandable, balanced and not subject to easy misinterpretation. Doing so can eliminate disagreements between parties and when they do occur they can be resolved more quickly. A Prime Example Joe Haigh, the head of FDS corporate finance services, wrote a guest article for Real Business describing the measures he takes to assuage any concerns raised by the opposite party in a contractual dispute. In his piece, he admits that he has made the mist

The Evolution Of Document Management: Why Today's Solutions Provide Benefits To Contract Managem

Data and document management have evolved concurrently with supporting technologies, and the way we search for and discover specific information has improved drastically during this time. Those tasked with contract management face many of the same challenges that have persisted since contracts first appeared. Fortunately, there are more resources today to assist with solving these challenges than ever before, and companies that capitalize on today's solutions will ultimately be more successful managing the myriad obligations that today's contracts impose. For example, language is extremely crucial to the definition of the obligations and responsibilities of the parties entering into a contra

Why The Cloud Can Protect The Security Of Your Contracts

Regardless of their nature, companies must protect their sensitive data. This particularly applies to legal contracts, as a breach of such information could easily cause an organization major harm. Is the Cloud Secure? One of the most important aspects of Contract Life-Cycle Management (CLM) is document security and highly controlled document access. That's one of many reasons why businesses invest thousands of dollars in systems that can adequately protect and comprehensively manage contract documents throughout their life cycle. But what about the environment a CLM operates in? Since the emergence of cloud technology, there has been a sizeable debate regarding its security, with those agai

The Financial Ramifications Of Losing Physical Documents

Losing business information can be more than just a nuisance. When that something happens to be an important company document like a contract, the consequences can be severe. Despite their best efforts, businesses do lose physical documents. It happens. According to the Association for Information and Image Management (AIIM), just about 7.5 percent of all physical business documents are lost and 3 percent are misfiled at least once over the course of their lifespan. Spending an afternoon looking for a particular document, because it wasn't where it was supposed to be, is annoying, but it is also costly. Workers are spending their valuable time trying to locate a particular file rather than d

The Importance Of Efficient Document Management

Business owners, managers and executives understand the importance of proper document management. Staying involved during the lifecycle of a document, whether it's a contract or any other important form, is crucial. However, documents must be managed efficiently, which hasn't always been the case. A study conducted by Oce Business Services reported that while 90 percent of executives and managers are taking an active role in managing the lifecycle of their documents, only 12 percent said they are doing so efficiently. That means there are major steps that need to be taken before companies can be comfortable about their document management strategies. While this study was from 2008, efficient

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