Contract Management Blog

Introduction In the dynamic and ever-evolving world of business, contracts serve as the foundation for transactions and agreements between parties. These legally binding documents outline the rights, responsibilities, and obligations of all involved entities. However, with the complexity of modern business dealings, ensuring contract compliance has become crucial to maintaining the integrity of transactions and upholding legal requirements. In this ...

Introduction Contracts play a vital role in various aspects of business and personal transactions. Whether you’re engaging in a business partnership, signing an employment agreement, or purchasing a property, understanding the concept of contract value is crucial. In this article, we will delve into what contract value entails and discuss effective strategies to preserve and maximize it. Join us as ...

Introduction Contracts are the backbone of any business, governing relationships, outlining obligations, and protecting interests. However, managing contracts traditionally can be time-consuming, error-prone, and resource-intensive. This is where legal transformation towards contract automation comes into play. Leveraging technology to automate contract processes can revolutionize the legal industry, bringing about increased efficiency, accuracy, and cost savings. In this article, we will ...

Introduction In today’s rapidly evolving technological landscape, artificial intelligence (AI) has become a game-changer for various industries. One area where AI has shown tremendous potential is the legal field. Generative AI, in particular, has emerged as a powerful tool for lawyers, enabling them to streamline their processes, enhance efficiency, and provide better outcomes for their clients. However, like any technology, ...

Introduction Imagine a well-organized kitchen where all your ingredients, utensils, and appliances are easily accessible, allowing you to whip up a delicious meal effortlessly. Just like a kitchen that runs smoothly, businesses also rely on efficient systems to manage their contracts and commercial relationships. This is where Contract Lifecycle Management (CLM) comes into play. In today’s fast-paced and ever-changing business ...

Introduction Understanding the importance of effective contract management is essential for general counsels. By tracking and analyzing key data points throughout the contract lifecycle, they can make informed decisions and drive optimal outcomes. In this article, we will explore the critical role of data points in contract management and discuss the benefits they offer to general counsels. The power of ...

Introduction Generative AI: A Revolutionary Technology in the Legal Sector Generative AI, a cutting-edge technology that has gained immense popularity in recent years, holds the potential to revolutionize various industries, including the legal sector. This article explores the fascinating realm of generative AI and its implications for the legal domain. By examining the benefits, challenges, and ethical considerations surrounding its ...

Introduction Artificial intelligence (AI) has emerged as a transformative force in various industries, and the legal sector is no exception. Legal AI assistants, powered by advanced machine learning and natural language processing algorithms, are revolutionizing the way legal professionals conduct research, analyze documents, and streamline their workflows. This rapidly advancing technology holds the potential to enhance accuracy, efficiency, and productivity ...

Introduction Contract management plays a crucial role in the success of any business. It involves overseeing and optimizing the entire lifecycle of contracts, from initiation to execution and renewal. Effective contract management ensures that organizations adhere to agreements, minimize risks, and capitalize on opportunities. One way to measure and improve contract management processes is through Key Performance Indicators (KPIs). This ...

Great! You are looking for a new Contract Lifecycle Management software to streamline & automate your contracting operations. However, evaluating the numerous tools can be a daunting task, especially in a crowded CLM market. Choosing the right CLM software can make implementation seamless and improve productivity while choosing the wrong one can leave a bad taste of legal tech.   ...

Blockchain technology is rapidly transforming every industry, and its potential impact has been assessed by key stakeholders in all industries. In recent years, blockchain has moved beyond its origins in cryptocurrency and is being adopted in a variety of sectors, including finance, healthcare, legal, supply chain management, and more. The technology’s decentralization and transparency make it an ideal solution for ...

Procurement is a critical function within any organization, responsible for the purchasing of goods and services from suppliers. To meet the evolving needs of organizations and to remain competitive, procurement must adopt new and innovative tools and technologies like Smart CLM to streamline processes, improve performance, and achieve organizational goals.  According to Mckinsey Research, Greater visibility into existing contracts can ...

As a Chief Financial Officer (CFO), managing contracts is a crucial part of your role. Ensuring that your company is meeting all of its contractual obligations and that contracts are renewed in a timely manner can be a daunting task, especially if you have a large volume of contracts to keep track of. CFOs are responsible to the Board of ...

Getting a new tool onboarded can be a nightmare, especially when it interferes in the sales team’s way to close more deals. Volody Smart Contract Lifecycle Management (CLM) tool integrates with popular sales management platforms such as HubSpot and Salesforce to improve the sales process and increase efficiency for sales teams. Volody’s Smart CLM tool automates many of the manual ...

Contract negotiation can be a complex and time-consuming process, but there are a few key strategies that can help ensure a successful outcome. Contracts often contain legal jargon and technical language that can be difficult for non-experts to understand, slowing the negotiation process. Additionally, contracts that involve multiple parties or stakeholders require coordination and agreement among all parties, which can ...

As the role of technology continues to evolve in the modern business landscape, it is increasingly important for CTOs and CIOs to stay at the forefront of digitization and prioritize the adoption and implementation of tools that can improve efficiency and drive growth. One type of tool that should be at the top of the list for CTOs and CIOs ...

Physical Legacy Contracts are a major issue for every enterprise around the globe. These physical documents are hard to keep track of and are spread across multiple repositories. Managing milestones, obligations & risks of all these contracts is a laborious manual task that can often lead to missed renewals or penalties. Digitize contracts for smooth contract management.  These days, most ...

Buy-side and sell-side contracts are some of the most common types of contracts businesses deal with on a daily basis. However, most people are still confused by the contents of each contract and what they mean for their business. Having a deeper understanding and knowing the difference between these contracts is imperative to draft stronger, compliant contracts and ensuring organization-wide ...

Negotiated Terms Contracts are the life-blood of every business. These negotiated terms govern the way companies interact with their stakeholders and ensure that the company is protected in a constantly-evolving business environment. Over the past few years, heightened customer expectations, disrupted supply chains, changing market dynamics, and rising inflation have pushed companies to re-evaluate their contracting process and stay competitive ...

In today’s fast-paced business world, legal departments are bombarded with multiple contracts which they have to draft, analyze and send to their respective stakeholders. They are required to stay on top of any renewals or obligations, which can be extremely inconvenient without a centralized source for their contract management.  Contracts are managed by various departments such as legal, finance, procurement, ...

Inflation has hit multi-decade highs across the globe with the US CPI index rising over 8.3% in the last 12 months. Despite the continuous moderation of federal governments to curb inflation, commodity prices have skyrocketed and companies are facing the brunt of it. Companies are pulling multiple levers to manage margins eroded by rising oil and commodity prices, supply shortages, ...

Are you doing business with small enterprises? If so you may be at risk for non-compliance under the new UTC reform bill ...

Greetings from Volody Products Inc.! One of the most competitive industries existing in the 21st century is the healthcare industry. With raise in medical tourism, growing infrastructural facilities in the medical care industry, drug trial, insurance cost, M&A, increased regulatory requirements, decreased governmental expenditure and rapid privatization, it has become quintessential for the healthcare industry to manage the contracts with ...

Greetings from Volody Products Inc.! The future is virtual. Countries across the globe are building up their digital proficiency by adopting advanced and deep technologies.  Digital revenue for the FY 2021-2022 saw 5x growth as compared to other industries. To breed and promote start up culture, the government has allowed 100% FDI in Data processing, Software development and Computer Consultancy ...

Contract managers in every organization are under constant pressure to design strategies that drive significant impact and deliver value in terms of cutting down on costs, time, risks, thereby, improving overall performance. The optimal KPIs for contract management are ones that are build around “SMART” goals, which means the deliverables are specific, measurable, achievable, result-oriented, and time-constrained. Contract Efficiency, Contract Effectiveness, ...

A sound contract management system requires executing standard best practices at all levels of an organization and making sure that the contract management process is complied with. Enterprise contract management software allows companies to improve business outcomes through automated contract management processes. The right platform can reduce risk, speed up business and optimize results. Good contract management transforms core operations ...

Given your busy calendar, it may be difficult to keep tabs on your company’s contracts, however, not properly managing your contracts, can result in serious legal, reputational and financial risks. According to World Commerce and Contracting, inadequate contact management costs organizations 9% of their bottom line and can waste significant amount of time as well. Not paying attention to contract ...

The ongoing coronavirus pandemic has brought the world to a virtual halt like nothing else could. The economy as a whole spiralled downwards since the virus started spreading at a rapid speed. This massive paradigm shift caused by the outbreak has complicated the management of contracts since the majority of the working population is working from home. It has become ...

As businesses are going through the biggest pandemic Covid19 of the century, CFOs are becoming the most important asset in the company to support resilience and relevance. The challenges CFOs are facing including managing cash flows, fixed costs, price discount requests coming from customers and delivery challenges from vendors. All these issues require the active participation of CFO to protect ...

People in former times used to make deals that were way different than the current era. People went by the value of one’s word and have verbal agreements, which were to be honored for a time or until the end of their lives. One of the reasons for businessmen and entrepreneurs of the previous era adopting the word-value was the ...

Introduction Cost saving has always been top of every CXO mind and technology is the biggest contributor to businesses to reduce unit cost and improve profitability. Corporate would have never imagined a few years ago that there is something called Virtual Meetings that exists for them where they can make business decisions without going to the office. It isn’t making ...

Novel Coronavirus (#convid19) bringing unprecedented challenges and requiring every organization to evolve and bring-in 360-degree changes to remain in business and ensure there is a limited impact on life, business and no community spread. By now it is quite clear that the #Convid19 is going to stay for years and it may take a few months to have an adequate ...

At Volody, we build products as per the specific needs of customers and work with constantly evolving products to make manual processes automated smartly. As per a survey done by Volody with more than 120 companies, it was found that on average contract drafting, negotiation and execution take almost takes 2 months and increase sales cycle significantly resulting in revenue ...

Businesses are going through significant transformative effects of advanced technology, the legal community also has had a predictable action-packed 2019 – seeing developments in processes, regulation, and collaboration right away results of new business technologies. Similar to businesses of any nature and professionals across sectors, general counsels & lawyers have had to adapt so as to survive in their new ...

‘The reality is that we do not know on what terms we would win access to the single market. We do know that in a negotiation we would need to make concessions in order to access it, and those concessions could well be about accepting EU regulations, over which we would have no say, making financial contributions, just as we ...

General Counsels spend significant time and efforts in drafting, negotiating a complete, error-free, protective and safest legal contract to protect interest of the organization. In the process, all contracts have various obligations, which are to be adhered to by all the parties to contract. While the agreement is drafted, negotiated and signed most efficiently, however, once it is signed and ...

As the whole corporate world globally is moving towards digitization and ensuring that they make the best use of data, take faster decisions and smart storage of documents, the pace is slow with Compliance, Legal and Secretarial functions in India. We conducted a survey speaking to Chief Compliance Officers, General Counsels and Company Secretaries of leading corporates and it was ...

The recent disqualification of 3 lakhs directors, deletion of 2 lakh companies by Ministry of Corporate Affairs and compulsory delisting of 200 companies by Bombay Stock Exchange rattled corporate India forcing all Board Members, Senior Management and Auditors to re-check the compliance status of their companies. It clearly comes out that the non-compliance forcing regulator can take such a strong ...

At least two lac directors on the board of companies, whose names have been struck off by the Registrar of Companies (RoC), will be barred from holding any board position in new ventures although they will not have to step down from the board of other companies on which they are currently directors. So far, names of 2.1 lac companies ...

For every corporate, secretarial work forms a major part of the compliance administration. Secretarial work includes drafting of maintaining agenda, statutory registers, minutes, resolutions, filing of forms, etc. The traditional Company Secretaries are used to preparing the aforesaid documents manually every time thereby leading to time-consuming and cumbersome process, which may have unnoticed errors and mistakes. Transforming the entire process ...

Legal contract is an agreement enforceable in law. Every business entity has to enter into contracts be it for supply or purchase, partnership or trade or employment or any business deals whatsoever on a day-to-day basis. No modern corporation can survive without contracts. Contract management is the main agenda herein. Contracts must be managed over their entire lifecycle from their ...

Cost of compliance is far cheaper than cost of non-compliance. You could loose your identity if you don’t comply with law of land. In India, every business needs to comply with many regulations including :   1.     Income tax compliance 2.     GST Compliance 3.     Shop & Establishment Act Compliance 4.     Provident Fund Compliance 5.     Professional Tax Compliance 6.     Factories Act ...

  Since 1991, India follows the policy of LPG- Liberalisation, Privatisation and Globalisation. These are three important reasons for the evolution of the Legal regime in the task of regulating businesses. India had to do so for various reasons, namely:- Now that the entry and exit barriers were removed for most of the businesses, a need was felt for some ...

Company Secretary Software Traditionally, Company Secretary used to prepare all ROC forms, resolutions, drafting, etc. ‘manually’ every time for every other company. This cost them a lot of time and efforts, despite which there could be many unnoticed errors and mistakes. Since for every corporate, secretarial work forms a major part of the compliance administration, there arises a need for ...

Legal Agreements and their Automation Legal Agreements are written documents between two or more parties wherein one or more parties agree to do something in consideration provided by the other party. In all spheres of business, Making of Legal Agreements is the most common, yet necessary thing. According to Wikipedia, “Document automation (also known as document assembly) is the design of systems ...

Legal Software Legal Agreements are written documents between two or more parties wherein one or more parties agree to do something in consideration provided by the other party. In all spheres of business, Making of Legal Agreements is the most common, yet necessary thing. Legal Software According to Wikipedia, “Document automation (also known as document assembly) is the design of systems and workflows that ...

        Software For Legal Judgement Software For Legal Judgement  are decisions of courts regarding rights and liabilities of a person, company or state. These decisions are taken by a court on the basis of law already established by the legislature or by principles of equity and justice. Judgement usually contains, one the order of the court and ...

Best TDS Software Best TDS Software Tax is a mandatory payment made to the Government for the welfare of the State and various other expenses. It is levied on worker’s income, business profits and on goods and services. Since it is a mandatory charge, individuals and businesses should be wary of it. They should make sure to pay their taxes in ...

VC Funding VC  Funding On February 17, 2016 The Government finally gave a definition to the word, ‘Start-up’. According to its notification, a start-up company will be recognized: Till up to five years from the date of incorporation. If its turnover does not exceed 25 crores in the last five financial years. It is working towards innovation, development, deployment, and commercialization ...

legal agreement Ever loaned money to your friend who promised to pay you back, but he never did? Ever being told, “Yes. We’ll buy from you, please import the goods for us”, but that customer never came back to you? Ever hired an employee without creating an employment contract and he ran away just after his training period got over? ...

FDA Registration FDA Registration  was started to ensure medical product and food exported from the country are safe,of good quality, and are good and effective. FDA  registration activities in India include: fda registration 1.Inspecting medical products and foods  facilitities that get exported 2.Engaging with Indian regulatory authorities to build confidence and quality 3.Partnering with Indian counterpart agencies on bilateral initiatives 4.Assisting ...

Copyright Registration is a legal right that grants the creator of his/her work exclusive rights for the use and distribution of the same.Copyrights protect the original idea from being utilised by a competitor the Copyright Act,1957 governs the subject of copyright law in India. The purpose of copyright registration is to place on record a verifiable account of the date ...

Auditor Appointment Auditor Appointment An auditor can be an individual or a firm that has been appointed by the company to execute an audit. in auditor appointment, audit is a systematic analysis of books, accounts, statutory records, documents and vouchers of an organization to know how fair and true the financial statements of an organisation are.A person needs to be ...

CO-FOUNDER AGREEMENT  is a contract between two or more people who have founder a company.This contract defines the ownership,initial investments and responsibilities of each co-founder.It safeguards the interests of all the co-founders in case of disputes and arisal or problems. Co-founder agreement provides protection and binds all the partners to the agreed terms for the business. Co-founders agreement  at a ...

Asset Reconstruction Companies Of India In December, 2002 when Parliament of India enacted Securitisation Act 2002 (THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT), 2002), it paved the way for asset reconstruction business India. Prior to enactment of the Securitisation Act, 2002, banks and financial institutions had no option but to enforce their security interests ...

Cons Of Non Compliance And Of Doing Your Books Of Accounts At One Go After quite a hectic day with 12 interviews, 3 calls with service providers, 20 customer calls and routine fire with execution team, our co-founder on his way back home at 10.30 PM receives a call from Srini, founder of six months old start-up) frantically asking for ...

Registrar of Companies In India, regulatory authorities are constituted by law for implementation and administration of law. One of the regulatory authorities in India is Registrar of Companies (ROC) for regulating all companies and Limited Liability Partnerships (LLP) in India. Registrar of Companies is empowered to regulate all the companies and its subsidiaries set up in India as well as ...