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In contract management, there are several important legal concepts and terms that every contract manager should become familiar with. Contract managers come from many different backgrounds. Some have a strong legal foundation, while others have extensive knowledge and training areas like procurement and administration. Whatever the role or background, it’s critical to attain a basis in legal terminology and in the common legal concepts found during contract lifecycle management.
A Non-Disclosure Agreement, or often referred to in the shorthand as an NDA, is a legally-binding contract that initiates a confidential agreement between parties, being the party that owns sensitive data and the party that will receive such data. Signing an NDA means that the signer agrees to keep confidential data and information secure from outside sources. Additionally, the signer agrees to keep the information private by not sharing the information without the owner’s consent. And lastly, the signer agrees that they will not edit, copy, or utilize the data or information that is unauthorized by the owner.
A well-ordered legal contract management system can help legal departments, paralegals, and general counsel successfully manage contract-related demands. Without a software solution, they might not be able to face many challenges regarding increased contract complexity and volume. Legal contract management software can help by increasing the effectiveness of your contract management system and by minimizing the length of legal contract lifecycles.
Using electronic signatures is an internationally recognized standard practice due to the simplicity and speed this signing method provides. E-signatures are legally binding – but how and why? As a business professional, it’s important to stay informed of the latest trends in technology so you can continue to up-level and revolutionize your business.
Implementing contract management software is an effective way to increase efficiency within your legal department’s operations. According to the International Association of Contract and Commercial Management, research shows that “improving contract management can increase corporate profitability by nearly 10 percent annually” (Silverman, 2020).