Category: Contract Management

Contract Management Care- How To Avoid Litigation From Contracts

At the end of the day when your contracts are not fulfilling and lack the professionalism it truly deserves, you end up in litigation. Litigation inadvertently spells out losses, in money, time and the biggest of all is the value to you and your brand.

To avoid litigation, the one clear and rightful solution is end-to-end management of your contracts.

Proven Concise Parameters.

When the contract is negotiated or before drafting, the fundamental success lies in determining what exactly both the stakeholders agree as to the outcome for everything that goes into the contract. Any clause or agreement therein should have a clear purpose in sticking to the prime goal and overall performance of the contract.

Clear Language.

Language is what matters in deciding the purpose and value of the contracts concisely. Active voice phraseswith no archaic terms and written in plain English avoids ambiguity and increases the understandability of the contracts.

Proper Drafting.

Drafting is where the actual strength of contract lies. When due attention is given to drafting with the right templates of agreements and clauses put together, the success of the contract will be reflected through negotiation and execution later.

Determine the Choice Of Law for the Jurisdiction.

A vital aspect of contracts is determining the area of jurisdiction and paving the draft and other integrated processes that go in compliance and adhering to that jurisdiction that plays the major role when it comes to litigation.

A Keen Eye to Small Prints.

To face anycontract related complex issuesor getting tangled in disputes and caught unaware lies in the small print. A thorough review and analysis of the fine print that goes with the contract,with a focused initial outlook, prevents you from surprise litigations from angles you least expect litigations to arise or exist.

Contracts Tracking.

Contracts are multi-dimensional when dealing with clients of varied interests and proffer under various workflow aspects of the business happenings. Constant tracking of all your contracts with the right decisional amendments and renewals at the crucial times and good filing strategies help reign your contracts better.

Contract Management deterministically handles the diversified supervising of your contract lifecycle needs at every step of the way in standardizing and upholding the legal correctness and protecting your business and clients from abruptly shaken and landing in litigation.

Handle your contracts smart, take precautions with regular audit checks for your contracts, and enhance your monitoring of every contract under your business to mitigate away from litigations and constantly stay updated and prepared all the time when dealing with competitiveness in your business.

The proven and renowned successful formula time and again for contracts to keep you away from litigation is successful contract management.

Contract Execution and Its Significance in the Contract Lifecycle Management Process

When the interested stake holders come together in agreement and sign on the dotted lines, it sets in motion the execution and the actual responsibility from both the sides in fulfilling various obligations.

Digital signature kick-starts the very beginning of the contract execution in the contract lifecycle management. It’s from this point of a contract thereon is considered for the way ahead as post-contract management activities.

Post contract management follows a series ofa mandatory and vital set of post-contract activities like obligations, compliance, and Amendments& Renewals.

At the start of the contract execution, both the parties to the contract, and all the concerned stakeholderswho need to perform the purposes of the contract, must accomplish to discharge the contractual obligations, terms, and conditions. Non-performance of a contract entails a variety of legislative actions that are carefully designed to undertake in the contract itself.

Contract execution is overseen in terms of financial or other transactional output saturation limits mentioned in the contracts. This can be between two individuals or one business to another or one individual to a complete business entity or at times within inter departments of the organization itself who are obligated to complete and adhere to the contractual terms.

It makes better sense when the actual stakeholders or the ones responsible for the contract execution process are validated with every term of the contract,and thus have complete transparency in carrying out a successful performance to the said terms.

The term of the contract key decider is the date of execution until the termination date. The period in between therein lies the obligations, value, and business.

Next, we have the compliances, which are both standard and evolving with time. Rules, regulations may find itself, changed, updated, or become completely irrelevant with time. The second part of success in the execution of the contracts is staying abreast of the compliance and the latest relevant rules and regulations framework. The contract needs to be fine-tuned for any changes in the existing compliances and geared to work further towards enhancing the value of the contract in deeming the obligations.

Amendments & Renewals is the gateway in the execution of the contract and deciding the future conceptualization of every existing contract and their lifecycle. Consider, for instance, the COVID-19 pandemic had completely overhauled the performance of contracts. Many new amendments for non-performance of the contracts were considered in terms of force majeure, material adverse effects, a new outlook in business continuity plans, to say a few.

Contracts were either closing out prematurely due to extreme non-performance, the pandemic-pushed business in the beginning and mid of the lockdown time frames. Individuals and businesses are looking up now for alternate strategies and building them up. The initial dated terms of the contracts were extended or in severe cases were made void. But the change and restructuring of the contracts became inevitable.

Contract execution is not the signing in itself, the terms of performance lie beyond that. A carefully planned, supervised and updated contract is a journey that begins with contract execution.

AEREN LPO’s Contract Lifecycle Management experts provide full-fledged contract management support for each phase of a contract. Call us today to learn more.

The Best Contract Management Strategies For 2020

Time and again contract management has been an ever trending topic of importance for legal services. The sheer cause is the importance the contracts hold in every business activity. Contracts do more than just being a handful of T&C or agreements. So finding ways on how better contracts can be enhanced and look out for strategies of keeping in place good contract management is paramount for any dealing with contracts.

  • Streamlined online contract repository with secured contracts

For a dated back or when a fresh contract is made the prime goal is in storing the contract in the perfect way to easily track, find, and identify every contract and keep them centralized. Online contract repository keeps all your contracts in one place safe and secured, never lost, and with more visibility and transparency.

  • Automated workflow for contract process with value for time

Going online for storage for your contracts and it doesn’t stop there. You need to automate all the contracts in a Contract Life Cycle Management (CLM) tool, for diligently creating workflow levels for your contracts where automation helps in bringing timely notifications, reminders, and alerts that go with the contract time stamps and keep you and the stake holders always in the loop.

  • Instant standardized templates and documents assembly

No more starting from scratch when you are pressed for deadlines and need effective solutions right away. An armory of various templates for all your contract abstraction and summarization are quite voracious for you to choose from. Also drafting contracts has never been easier with CLM and the right document templates, and assembled to your needs in record time.

  • Electronic Signatures wherever you are on the go

The electronic signature is a super smart way in saving a lot of time, effort, and money on getting your contracts signed on the dotted line. There is no better (or worse) time than this pandemic to give a jolt to everything going digital. Electronic signatures increase your chance of no more hiccups on the way,between countries and bordersfor business contracts going strong.

  • Remote Online Notarization making your presence everywhere

With the increasing number of states approving Remote Online Notarization (RON) by this year, the joke is on the pandemic itself if only each one of us has been deemed to be safe. Nevertheless, no more walking around to make your presence felt some where else in this pandemic and can guard yourself and also at the same time prove your identity verification, get all your documents notarized via digital signature, audio, and visual -a tri-level identification validation.

It’s the era of smart contracts with the never before best CLM tools and software at your disposal to make your contract management more reliable, interesting, and just right about how the contracts will be always of value to the end of their life cycle and even after that.

Go ahead and make use of the best approaches and strategies contract management can offer in this ongoing 2020 and add immense value to your business.

What Makes Contract Life Cycle Management (Clm) The Need Of The Hour

Contract Lifecycle Management (CLM) is the complete combination of software and tools that begins from the initiation of a contract to the full lifecycle term of the contract, managing every aspect that is there to contracts, protecting business and enhancing value through contracts to get manifold rewards.

A Contract Life Cycle Management in our current pandemic losses and bouncing back from these times even proves more effectual to handle your business and keep track of the complete workflow you envisioned by sailing through and getting you ashore safely.

The classic CLM process with AEREN LPO’s CLM services and solutions.

Request

The initiation of CLM begins with the request for a proposal. Once the RFP process commences, to assess our CLM solutions for your contracts we will initiate two processes:

Bringing all the contracts together in your in-house environment.

Get all the contracts under the same roof. Once you get them together you will know what you have to deal with. Finding all the contracts itself is half the battle won. Now with new challenges around the globe for business, corporate houses making the best by identifying all the contracts and evaluating them for risks or new changes is the need of the hour.

We do it by creating a highly secured and; sharable environment, and putting in placea vast repository to capture all your contracts and bring them to the same place together.

Tracking the relevant data in the contracts to begin actionable procedures.

When all the contracts are gathered, the next course of action is finding all the critical and important data that is on the contracts and track them over the contracts.

At AEREN LPO we have special templates, both standard andcustomized, that will retrieve all the important data inputs and make them easier to track at any point in time and anywhere.

Author

When you have all the inhouse contracts we know your standard or specialized clauses for your business or organization.

Before a new contract needs to be authored a library for clauses and templates will be created that will be promptly added when additional contracts are required to be made.

We make sure that no details are left in creating the standard clauses and templates and the additional customized ones that will be added to our libraries from which you will have easily authored contracts

We have separate packages for business users, the subcategories of various business verticals, and for legal firms to collaborate with our authored contract information.

Create

With experience in authoring many numbers of contracts, contract creation just got easier with us by using features like a quick drag and drop features with the already maintained library of clauses and templates.

Contract creation has never been easier despite being complex in some domains. Time and complexity are greatly reduced with our in-house attorneys.

Contract creation from scratch is also easier and quicker with the right set of our contract creation toolset.

Negotiate

A contract is as good as it gets only after the negotiation. Negotiation is a special task thatrequires its own set of contract management tools to identify stark differences to minute changes that come under scrutiny concerninga prior contract and to include mechanisms in bringing new ways to make negotiation simpler, easier, and hassle-free to track through the changes or additional details.

We equip you with easy to use tools in redlining, gap analysis, and compliances that add value to negotiation.

Approve

Approval is mandatory to have a risk-free contract. Risks need to be assessed and verified. In some cases, it will be with external sources of data that need additional strategies to bring the right contracts to you.

With our attorneys, we ensure a complete check of the contracts mitigating any higher chances of risks and also in circumstances that prove challenging to your business and a dearth of unwanted risks creeping in and protect you.

Sign and Execute

Signing is the sealing pact and with the recent global trend of work from home and other new ways, signing with the online digital signature saves time and business. Collaborating with digital signatures and then validate and verify them.

Before it goes back to repositories contracts undergo encryption and security to ensure they are not modified or tampered with.

Authentication and security will be of the utmost importance with our infrastructure with zero compromises.

Obligations & Compliances

When the contracts are digitally signed and executed, the continual process of performing to the contract’s obligations will be guided for you in every process in the workflow of the contracts you carry out.

Compliances are a definite must to be adhered to considering the changing government and company policies amidst COVID-19. With this global pandemic and post-COVID-19 changes, current compliance guidelines need to be integrated into the contracts.

With CLM, looking out for obligation fulfilments and compliance adherence will be easier and thoroughly mitigate you from every risk which otherwise you might be caught off-guard in your business.

Amendments &Renewals

With bringing contracts together and data tracked with templates, renewals will be no more a lost cause. Your business and organization will be on a day-to-day basis with updated information with the contracts. Along with timely and proper maintenance, contracts big or small will be adding value to your organization and save you a lot of money from contracts.

Contract Management is your friend for your contracts. With time, CLM makes automation of the whole contract management process easier, faster, and cost-effective. CLM eventually gives you big rewards sans liability in any way.

Reach out to us now to get your business under the CLM umbrella and ace your contract challenges like a pro. For legal firms, we are your valued outsourcing strategic partners giving the top niche contract management services.

What are Some Tips For a Successful Contract Negotiation

As an entrepreneur, you understand that contracts must be a predominant part of your every day schedule. You ought to never take risks, and should always ensure yourself and your business with appropriately drafted contracts that secure your rights. Before we start learning a few tips for an effective contract negotiation, let’s ensure we all know what Contract Negotiation Process implies for you as an entrepreneur.

For business purposes, contract negotiation is the procedure of “give and take” until both parties reach at an acceptable or advantageous position. Remember, that while negotiating, your objective isn’t to put yourself and your business at a 100% contentment stage. A contract, particularly a business contract, is between parties that are hoping to work together, build some form of a business relationship.

Accordingly, this implies negotiating a contract ought not to be tied in with placing the other party in the more terrible possible position, and placing yourself in the best possible position. Negotiating an contract implies arriving at a fair point where all the parties to the contract can live with-all the parties get off the needle to get something else.

Keep in mind, that if a contract is simply one-sided, and just benefits you, at that point this will ruin your future professional dealings with that other party since they will have the impression of you that you don’t deal fairly your colleagues or partners.

When you are ready for a contract negotiation, there are a couple of things that should be done to assure accomplishment during the negotiation procedure:

  • Understand your necessities. As talked, knowing and prioritizing your requirements is critical.  
  • Seek proficient needs. Truly, it costs cash to retain a lawyer; however, it is additionally critical to assure you are secured from both a lawful and a business prospective. Additionally get input from other pertinent useful leaders in your company to ensure you are not focusing on something you cannot follow.
  • Understand the necessities of the other party. It additionally helps knowing why the other party might be asking for some points or negotiations – frequently it may not be for the reason you think
  • Read, and reread, any documents, including any exhibits or attachments. Monitor versions so you understand what the latest changes are before accepting or changing anything
  • Communicate, briefly, and proficiently
  • Remember that practically all differences can be settled emphatically
  • Don’t hurry into whatever doesn’t appear to be correct
  • Maintain a positive attitude
  • Make sure all agreements are signed by a right party

Each individual needs to understand how Contract Negotiation Process gets what they need. Be reasonable in your negotiation procedure, and know your bottom line. These are few tips that you need to bear in mind at whatever point you need to negotiate a contract.

If all else fails, don’t hesitate to look for proficient help.

Challenges in Contracts and How to Overcome Them

Is your number of contracts been increasing ever since and you are losing track of them over time?

When you have too many contracts and it’s not organized uniformly throughout, then you are in trouble in handling the contracts and their value.

 Basic organizing of contracts may help for a short while, however, if they are not uniform and completely streamlined, within days its mayhem again with every contract being tagged in a certain way for the information that the whole organization or the relevant contracts departments not able to keep track of.

A contract management software helps you deal with the differences and let your voluminous contracts streamlined. This makes your in-house contracts get all the right tools and templates for extracting the contract relevant information and dealing with the whole life cycle of the contracts.

Managing a database of contracts has to have uniformity and database relevant keys and storage criteria that make you get to a contract faster than your thinking brain speculates the information. This leads to the easy extraction of the crucial data from the contracts and put in orderly contract summarization and abstraction templates. This gives you, even more, quicker access and highlights just the much-needed contract information.

Navigating through different dates and renewals, for looking for clauses across a particular set of contracts, track any dispute related contracts to ensure you are covered, if done without solid contract management will just make your contracts looks haywire and you will miss out on contract opportunities and manifold your risks.

Now with the pandemic, contract dates and renewals have become even more important in keeping track of any non-performance of self as well as your other involved business party contracts.

Fixing any delay in responsibilities to be rendered from the contracts should be considered sooner and to sail away from any litigation and dispute storms is much-needed contract management of the hour.

In AEREN LPO we believe that contracts are the ones which will make or break your future opportunities before and hereon, and ensure you do not get caught in the whirlwind of missed contracts and business opportunities and help you lay them all out straight and easy for you with our skilled contract management attorneys and a robust contract lifecycle contract management software that rightly fits your business contracts needs.

Contract Audit and Data Cleansing For Your Contracts in Contract Management

Contracts tend to grow in numbers over time in businesses. With contract management, contracts can be streamlined, organized, and stored in a central repository. With time contracts tend to clutter up and have been kept way past their time of its contract life cycle.

AT AEREN LPO, we help you in carrying out full contract audits and data cleansing which leads you to have:

  • Contracts analyzed to the objective they are created between the parties and re-evaluated whether it still serves the purpose.
  • Tracking of dates of the contracts through templates and eliminating contracts that have outlived their value.
  • Every contract will be duly audited and assessed for the value it is providing across the parties.
  • Brings to light any terms or conditions not put in place and executed.
  • Checks for renewing contracts to current times rather than when it was made.
  • Integrating new compliances that have been modified or added from when it is created.
  • Removing outdated clauses and updating them with new regulations.
  • With consideration with the COVID-19 pandemic, contracts can be audited to accommodate new changes required to be made with the time.
  • Identifying and correction of any inaccurate clauses or date errors in the contracts.
  • Extract the relevant data from the contracts to understand the contracts better.
  • Data cleansing increases contract quality and hence increases the overall value of contracts.
  • Your contracts will be held only with the highest quality clauses and compliances.
  • Identifies duplicate records in your contracts and removes them to eliminate redundancy and save time.
  • The contracts in the central repository will become s=in a single standardized format post data cleansing and audit.
  • Any inconsistencies in the contract will be identified and rectified thus promoting continuous improvement in the business.
  • Incomplete contracts will be replaced and modified accurately your reflect the business terms.
  • Creating audit reports based on your business timelines quarterly,bi-annually, and yearly.

A complete contract audit ensures the contracts are good in delivering their value to your business. The auditing process will be following ISO certifications.

Contract Management and the Road to Strategic Business Decisions

Its been 5 months since the COVID-19 was brought to everyone’s attention last December, across the globe and many of us are tackling it in better ways now coping with this new situation in various dimensions in all of our lives.

For businesses now, after the initial shock, organizations are turning things around now, with more certainty than before and doing a multi-approach in managing what COVID-19 situation meant to them.

When it comes to organizations and business, contract management is the best-case scenario in:

  • Assessing the current business situation
  • To know every aspect of the commercial aspects of the business and their effect in recent times.
  • Managing cash flow and company resources.
  • Looking out for every business risk that one might come across.
  • Communicating with our investors and stakeholders and holding everyone’s best interest.

For each of these situations, the solution is one single key: Contract Management

Contract Management gives a complete insight into all the above business decision-making. A contract can give decisive inputs and can monitor the business in ways of incoming and outgoing cash flow, where to take new decisions, to where changes should be made, where certain things can be reassessed for later on importance.

Handling of contracts can give business now the mirror to see things in the short term and the long term relations with the business to all the other third entities that will be associated with it.

A contract life cycle management with the organization’s contracts let the business get the maximum value out of contracts and avoid getting caught in risks, knowing beforehand the outcomes of how a contract can turn into and take initiatives for the necessary solutions to keep the business protected.

Assessing the contractual terms is now growing more essential with business looking for alternate means and best ways to manage without having a fall-out or reduction in incoming revenue cash flows and ascertaining the responsibilities and contractual rights.

At AEREN LPO we give that complete contractual insight to you with our contract life cycle management tool and with our experienced attorneys in contract management, analyze the full outcome of the value of the contracts you stand to gain and base your strategic decision to your business.

Lease Negotiation and Lease Contract Management

Lease Contract Management

Real estate is one of the very essential aspects of each one of us. We encounter it either as an owner of the property or as a tenant to that property. It should be fair and square with neither of the side taking advantage over the other and stick to what set of rules and regulations are rightful on their part to do or not to do.

What is a Lease?

Lease in a rudimentary level is a contract stipulating the terms and conditions for subletting the property like land or house or any other item to another for a specified amount of time commonly in an exchange for payment.

The person who is the owner or landlord is known as the lessor and the tenant or the user is known as the lessee. So in legal synonyms, you will see it as a lease contract arrangement between the lessee and lessor. Both the lessor and the lessee are now bound by the agreements done in the lease contract, refusal of which will have a legal obligation to face.

What does lease contract management consolidate?

In Lease contract management there is no confined one method of doing it. Depending on the location, type of tenants and also based on the personal experience of the landlord/ owner and tenant the lease can be drafted to a set of terms & condition clauses. The definite things the lease contract should have are –

  • The names of both the landlord and tenant/tenants
  • Location of the house
  • Description of the house
  • Lease duration whether by month, year or number of years
  • The rent amount value to be paid
  • On what date it has to be paid
  • Whether the late payment of rent entails a late fee
  • The status of the security deposit and terms and conditions related to it
  • The maintenance of the property
  • What needs to be done while in damage or repair
  • Whether pets can be allowed
  • Increase in rent if any in the lease time or while in the renewal of lease
  • House rules if any need to be added
  • Alteration permissions

What is the lease contract management software?

Lease contract management software does all the due diligence required for achieving maximum efficiency avoiding negligent lapses of the lease, lease abstraction done to having all the important metadata stored and organized to be extracted promptly when desired and making it into user-friendly template formats.

Keep track of when lease renewals will have to happen or lease contracts end. Also enables lease data migration across other platforms too if necessary like integrating with accounts managements for cost and property management for other usages across platforms.

In short, having a capable and tech-savvy lease contract management lets you have all your real estate overheads structurally organized and achieve a clutter-free, user-friendly and methodical outlook to your leases.

At AEREN LPO we offer comprehensible Lease Contract Management Services skillfully adept to your needs and yet maintain an economic advantage. Visit us at www.aerenlpo.com

Common Hurdles In Contract Management Process

Contract Management process consists of organizing, systematic filing and safe storage of all the contracts that are bound to be relevant for any legal firm or an organization.

However, the contract management process faces some challenges from the time it is created to its execution. Some of the hurdles that can be come across and the ways to overcome them are listed below.

Hurdles in Contract Management Process

Finite and Minimal Resources

When the firm or the organization have limited access to resources in terms of legal knowledge, infrastructure or human resources to handle then it becomes a cumbersome task to keep track of the contracts.

Focus On Strategic Work Time

Lack of proper time allocation is done to handling Contract Lifecycle Management services due to strategic works that need more attention for the company growth. This will lead to the backlogs of contract maintenance when much needed time is not devoted to it.

Increase in Turnaround Time

Automation of contracts will lead to a quick turn around time. If a business encounters a huge volume of contracts and not a solid automation system in place or robust automation software to deal with the pile of contracts then a quick turn around time becomes a dream

Old Hat Tools and Technology

A law firm or any business needs the new and updated contract management tools and the latest technology to handle the contract life cycle management tasks from initiation to renewal or until it comes to the contract end terms.

Common Contract Oversights

The most common unprofessional contract management oversights that can be avoided are:

The total number of contracts the legal firm or business handles or has with them.

Unsure of the status of active contracts and invalid or time or condition expired ones.

No chronological or systematic storage and hence lack quick retrieval when the time arises.

No faster means of bringing up all the contract status under a given time or at a range of time period.

No reminders set on contract life cycle duration in case the time is near for renewal or for any particular contract specific conditions to look into before it gets forgotten or lost in improper handling mistakes.

Hence to give the due importance to a contract, the above hurdles and oversights can be overcome by outsourcing your voluminous contracts to legal process outsourcing firms which are more tactical and equipped for a better contract management process.

Good contract management ensures more benefits and enhances your client’s trust with you.

At AEREN LPO, we have a dedicated team who are well versed and specialized in contract management and contract life cycle management with our cutting edge tools, infrastructure, and technology. To know more about us and what legal process outsourcing services we can offer to you, visit us at www.aerenlpo.com

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