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Contract Management 101

What is Contract Management?

Contract management is the ability to find pertinent details of any contract in the supply chain of an operation, and then use those contract details in a meaningful way. Being aware of all the pertinent details of all contracts is imperative. Memorizing all contracts is improbable, especially when a company has hundreds of contracts. Furthermore, not every person can memorize the exact same configuration of contract content as another person. As more people are involved in the contract process, the need for efficient contract management grows.

How to Create a Free Contract Template in 20 Minutes

There are several free contract template resources online. Some of the free contract template brands include:

Encryption:  Data in Transit vs Data at Rest

The Advanced Encryption Standard (AES), also known as Rijndael (AES author’s name), has been the standard level of encryption since 2001. Encryption works by a series of steps. User data is called plaintext, which is not encrypted. AES is applied to plaintext to transform plaintext into ciphertext, which is encrypted. The AES encryption process uses “keys” to transform data from plaintext to ciphertext, and from ciphertext to plaintext.

Contract Management Software Myths

Contract management software (CMS) is a centralized system to house all contract-related activities.

Contract Templates Defined

Birth of Contract Templates

Contracts are subjective to a specific selling party or parties and a specific buying party or parties. However, certain industries use the same format for contracts repeatedly. An example is a real estate transaction. The buyer is a unique name(s), as well as the seller. While the property address is unique from contract to contract, the terms are likely the same from one house purchase to another, or from one office lease to another. This is how the birth of contract templates occurred.

Contract Management Defined

Contract management is a complex process involving many moving parts. A contract is created, then approved by the sending party, then negotiated or approved by the receiving party. Each step in the contract process, or stage, is known as a workflow stage. Workflow stages are conditions that contain tasks that must be performed for a contract to be signed by all parties. Workflow stages can be the responsibility of either the sending party or the receiving party or all parties.

How is Artificial Intelligence used in the Legal Industry?

Law firms of all sizes use law practice management software (LPMS). LPMS is used by lawyers, paralegals, secretaries, and even clients.

Contract Trends by Geography

The trends in the world of contracts and contract management vary based on geography, economy, population. Geography, economy, and population all contribute to the formula that comprises demand. This article examines the similarities and differences among the top five countries in the world based on economy and population.

Dock 365 Adds Sertifi eSignature Solutions

The ESIGN Act is a federal law passed in 2000. It allows an electronic signature (eSignature) to be considered as legal as an ink signature on a piece of paper. Two decades later, there are a myriad of options for eSignature. DocuSign has the largest market share, with approximately 74%. However, it is not the only top contender.

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