Contracts Defined

Merriam-Webster Dictionary defines a contract as:

  • a binding agreement between two or more persons or parties
  • a business arrangement for the supply of goods or services at a fixed price

The complexity of different contracts can differ hugely depending on the size of your business, your industry, etc. But increasingly complex contracts can quickly creep into your business as your growth scales with success.

While it might be suitable to manually manage a few contracts as you get started, it is a job that can reach an overwhelming level almost overnight without the right tools in place.

With a contract management system in place, you can track, search, and even report on conversations that potentially affect contracts and terms. Wouldn’t it be a real game-changer to simply open your contract management software and have all the crucial data at your fingertips before you renegotiate a contract?

In today’s digital age, it is practically unacceptable to continue keeping important contracts and documents stored solely in file cabinets, desk drawers, and bankers boxes in some off-site storage center. Relying upon a single paper copy of these documents raises a significant amount of risk in your business operations. But with a contract management system, you can retain electronic copies for convenient access while safely keeping the original hardcopies with your other critical paperwork.

Properly managing contracts serves two purposes: doing so protects your business from the risks and litigation associated with contract breaches, and also opens up a unique opportunity to boost profitability. Want a little more in-depth information on the benefits of contract management? See our exclusive white paper: How Contract Management Software Reduces Risk.