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CLM Solutions Can Prevent Unwanted Self-Renewing Agreements

When you sign a contract, one of the more important aspects of the agreement is whether the contract will automatically renew. You may sign a one-year agreement, but if it is an automatically renewing contract, that agreement will extend past the renewal date if you don't take action to cancel it. Contract Lifecycle Management (CLM) solutions help by alerting you of an impending automatic renewal date. This is an important issue for contracts between businesses and their service providers. Suppose an organization hires a consultant and agrees to a year-long contract that's set to automatically renew. If the signatory isn't aware of a pending renewal, he or she likely won't know that the ser

Cost Benefit Of Digitizing Documents And Cloud-Storage

The advantages of digitizing documents and storing them in a cloud environment extend far beyond security and disaster recovery benefits. It's true that a cloud-based central repository can protect important documents like contracts, but the cloud can also assist businesses with achieving their ultimate goal—turning a profit. Strong ROI Converting physical documents into digital files stored in the cloud can deliver a strong return on investment because doing so can cut down on the cost of finding and managing physical storage space. Real estate is at a premium, and businesses only have so much office space to work with. Allocating a substantial portion of your facility to the storage of phy

Contract Reminders and Notifications Keep all Parties on Point

Increasing Management Complexity Tracking important dates and deliverables deadlines can be a challenge. There is no question that technology has made our business lives significantly more efficient, but with more information and many more things to track, technology has also made our work lives increasingly complex and demanding. Without the use of appropriate tools, this situation will only become more challenging over time. Unfortunately, there are many instances, particularly when contracts are involved, involving the creation of a contract, the negotiation of a contract or the fulfillment of its obligations, in which missed deadlines are unacceptable. The Challenges of Keeping on Top of

Cloud-Based Contract Lifecycle Management (CLM) Protects Documents From A Natural Disaster

For much of the past month, Colorado has suffered immense flooding along the state's Front Range from Colorado Springs north to Fort Collins. The damage has been significant across much of the the Centennial State, and as the flooding begins to subside, residents are cleaning up and getting their lives back to normal. One of the state's biggest challenges pertains to its business sector. Colorado Businesses Devastated As in most small towns, the town of Lyndon, Colorado, doesn't have a built in way to help businesses after a natural disaster. There is no safety to help small businesses impacted by the flooding. The vast majority of companies have to fend for themselves, with little to no hel

Achieving Fast CLM Return on Investment (2 of 2)

Part I of this two part ROI discussion reviewed Contract Life-Cycle Management (CLM) considerations that allow fast investment recovery. Part II looks at CLM ROI monetization and how quickly ROI can be achieved in a hypothetical large company implementing CLM. Knowledgeable individuals understand that financial analysis can be manipulated to show an intended result.This article seeks to avoid that moniker. To counteract this issue, this analysis does not look at aggregated ROI benefits. Instead it looks at ROI individually, providing the reader with a more conservative assessment of how quickly return on investment can be achieved. Apply Conclusions to Your Company Since every company is dif

Contract Lifecycle Management Solutions Can Help Streamline High-Stakes Negotiations

High-profile contract negotiations can present a number of unique challenges. When there's a lot of money on the table, it's particularly important for negotiations to be conducted properly, assuring there are no significant delays and that both sides are satisfied with their respective commitments and obligations before the contract is signed. This becomes even more important when the results of a negotiation can have a seismic impact on an organization. Baseball: The Robinson Cano Contract Negotiation All-Star New York Yankees second baseman Robinson Cano will be the hottest free agent on the market this winter and a nation of baseball fans are interested to see where he ultimately lands.

CLMs Help Manage Retention of Important Historical Contract Information

Regulatory compliance is a crucial requirement of certain businesses. As regulations can vary significantly by state or industry, following the rules can be important to a business’s long term success. In such instances, document management and retention of contractual agreements must be conducted in compliance with the appropriate regulations. Any violation of those rules — such as failing to protect sensitive information or illegally destroying documentation, can result in stiff penalties and other undesirable consequences. Contracts and Regulatory Compliance. Regulatory compliance is even more important when contracts are involved. Contract Lifecycle Management (CLM) solutions, which pro

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