Category Archives: Contract Drafting

Here is the leading workflow solution by legal experts for all kind contract drafting issues, guide lawyers, attorneys & law firms worldwide.

Why You Must Have Your Contract Reviewed?

Contract Review

What’s the significance of contract review? A lot of business owners think it to be an agonizing procedure. Seeing the contract, comprehending it, the legal vocabulary heaven forbid you to have to have an attorney engaged. In case you don’t get a contract reviewed by an attorney prior to signing it, what might possibly go amiss?

Numerous things! A higher percentage of the contract disagreements we observe occur as a result of a client signing or agreeing to a legal contract which they either didn’t glance at or perhaps didn’t comprehend. The ‘she’ll be right’ outlook is ideal for having things carried out at a faster pace; however, it can result in a number of complications.

Typical Issues

Following is a summary of a few of the typical problems we face on a daily basis – challenges that properly depict the significance of contract review:

The contract is incorrect! It doesn’t reveal the arrangement you believed you’d reached on to. However if the contract was made by the different person (or their attorney), and you didn’t go through it to start with, can you actually be astounded that it has been created in such a manner that is favorable to the other person more than is reasonable? This really is a primary demonstration of the significance of contract review services, specifically why you need to go through the contract cautiously. But when you can’t understand it or aren’t certain regarding any section of it, seek advice from a commercial contract lawyer. They look at contracts day in day out and have the ability to quickly and cost-effectively help you stay on the right track and significance of contract review allow you to make it to a document which is acceptable, proper and correct for each party.

I need to get out, however, I can’t! Things aren’t going well and you need to simply get the partnership to an end and get over it. Nevertheless, there’s absolutely no termination clause in the agreement. It basically doesn’t consider a premature end to the setup. By trying to end the association ahead of time you are subjected to the chance of breaching the deal and could be chargeable for damage. If only you’d noticed this prior to signing. A realistic termination clause is fast and simple to include in any kind of contract.

Who is the owner of the intellectual property? There’s hardly any IP clause, or perhaps you don’t know what it states. Nevertheless, since you’re investing in it, you own it – correct? Not always! For instance, under the Copyright Act, the proprietor of copyright outside any employer/employee perspective is the individual that made it. Not the individual it had been made for. Not the individual paying for it. Devoid of another thing consented in writing, the creator is going to own the copyright. Ensure you get an intellectual property ownership clause that suits your goals of who could own precisely what and on what conditions.

Insurance – what’s your coverage? A little something has gone off track; tools are battered or, more intense, that somebody has been wounded. However, my insurance policy will take care of it, correct? There may exist an insurance plan, but a majority of plans rule out indemnity as well as liability coverage clauses that enhance your liability. In case your agreement consists of an indemnity clause compiled by the other person, then odds are your insurance plan is going to rule it out and you won’t be protected. Indemnity as well as liability coverage clauses, especially regular ones abandoned in without any consideration, are often quite harmful.

A Unique Approach

Should you choose to do nothing else, at the very least be certain to glance at the document, or even have somebody go through it and brief you on exactly what it states. Make sure to discard whatever is immaterial or needless or whatever you don’t comprehend. It’s noticeably better that a legal contract is silent as compared to express entirely the incorrect thing. Needless to say, it’s easier yet again for the contract to assert the correct thing and record your deal correctly and reasonably.

Read also - Taking Help of Contract Management Services

We certainly have a great deal of sympathy for pre-occupied entrepreneurs who feel they can’t manage to pay for the legal expenses, the amount of time it may need an attorney to complete the work or perhaps the excessively technical and traditional tactic attorneys can take. However, this is much more an indictment on the legal vocation than it is a motive to not have your agreement lawfully looked over.

By no means undervalue the significance of contract review. Legal support world provides first-class contract management services. Get in touch with us for an absolutely free call.

What Role Does LPO Companies Plays in Contract Management?

Contract Review & Managmnet Services

Contract management services are of great importance, especially for small businesses. It involves various processes like assisting with drafting standard contracts, creating and managing databases and repositories, contract reviewing as per standard position and map deviations, analyzing contracts for specific compliance or other requirements, redlining and negotiating agreements as per standard position, capturing, abstraction and summarization of key information etc. The contracts are used by small business owners to give their relationships with external parties a formal look. A poorly defined contract could easily lead to a dispute between parties and could result in the filing of court petitions. In order to avoid any challenges in the future, the right strategy needs to be followed.

The legal process outsourcing companies can help in the contract management process in the following manner:

Properly recognize the nature and scope of the relationship- Many in-house staff members find it difficult to understand the limits of the contract management process. For example, if a financial services company has been offering accounting services to a wholesale store for a couple of years and now the wholesale owners are also asking for other services like tax filing etc., then it is important for both the parties to enter in to a proper contract in which the duties which one party needs to perform for the other are clearly specified. The differences between the previous arrangements between the two sides and the new engagements should be clearly defined. An LPO company can play an important role in this regard.

Cost-Effectiveness- By hiring the contract management services of outsourcing legal firms, a small company can reduce its overhead costs. The outsourcing firms based in nations like India, China, and Argentina etc. charge a much lesser remuneration than the local rates in developed nations like US, UK etc. So for small-scale business firms looking for cost-cutting measures, this is an ideal option. You will get high-quality work but at a considerably lesser price.

Ideal in Cases of Urgent Requirement- The LPO firms based in offshore nations like India, China, Philippines etc., can prove to be extremely beneficial in cases of urgent requirement. There is a 10-12 hour difference in the time zones of nations like the US, China etc., and nations like India and China which offers the unique benefit of assigning the contract management tasks in the evening and getting the desired results by the morning.

Ensuring the Right Agreement of Both Parties- Generally, parties enter into disagreement with each other due to misunderstandings. The legal process outsourcing firms can help in preparing contracts based on mutual understanding between both the parties and ensuring that there are no future disputes between the parties. All the crucial points will be discussed before commencing the contract preparation process.

Helpful in Dissolving Disputes at the Later Stage- There is always a chance of disputes arising later on between the two parties despite immense care being taken while preparing the contract. The LPO firms offer contract reviewing as per standard position and map deviations services to the parties which can help in ensuring cordial relationships between the parties.

Going through the above-mentioned information can enable small business organizations to understand the importance of LPO services for contract management.

LSW is one of the leading providers of outsourcing legal support services to law firms looking for lesser operational expenditure and revenue optimization solutions. In the last eight years, they have earned the goodwill of their clients by adhering to deadlines and the desired quality standards. They have access to proficient staff and the latest software for fulfilling the needs of clients.

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Contract Management Services- Smart Manipulations of Preface Of Business Deals

Contract Management Services

It is a cult quote to say ‘time is money’. In this quick-paced global market, deals are sealed in a wink of an eye. It is, then, utterly a wastage of time by going through an epic writing on contract management with full of convoluted tropes and esoteric legal terminologies. We better leave the whole task of comprehending the service level agreement or the primary contract to a trusted contract management services agency which is a generally ignored source of getting a cost saving, revenue pumping, and peace-bringing deal and indulge ourselves in other prolific business.

Requirement of Contract Management:

A general perception is to keep the contract-signing do a hush-hush affair only to declare afterward and often repent from the mistake of making choice all by oneself. Contracts can be of any genesis like between a manufacturer and a retail chain; a customer and its service provider; employees and management and among many partners of a business venture albeit every sort of contract bears a risk of incurring loss or getting less rewarded than what was promised verbally unless you make a good negotiation only after deciphering all the terms and conditions in the underlying contract. The most necessary role of contract management services is to properly document the contractual relationship existing between the concerned parties. It is also important, along with being confronting with the norms, to make a note of any possible change in the terms that could become incumbent during the materialization of the deal. Such insightful things can only be assessed by a legal specialist who then will preach your say to the third-party.

Plethora of Risks in Contracts:

There is a saying which goes like big dollars entail very big risks. In a collaborative survey between APICS and Protiviti Inc, it is observed that a three-fifths of business organizations expend 30% to a huge 80% of their total revenue to third-party suppliers of commodities and services and of those organizations, 20% spends more than 60& of their earning. A contract is a legally-binding agreement between two or more parties. If anyone fails to observe the conditions agreed upon in that, then he could face criminal trial as committing a breach of trust which is served by a jail term and could be averted by appointing an expert contract management services team like legal support world.

The Expert Advice:

It is inevitable that most of the contracts you would come across are full of ambiguous language. Such inconsistency instantly recognizes the need for a representative from contract management services that is a virtuoso explaining the deal terms in the lucid language. If that is the case, Legal Support World is exactly the name one should look for. They give assistance in drafting any deal contract and also keeps pertaining information depository for future correspondence. Their lawyers make calculated steps in doing bargains while staying within the client’s jurisdiction which is only after contemplating the abstract. This degree of systemic effort by a contract management services will transform any deal into grand laurel for us.

Resource Box:

The legal expertise of LEGAL SUPPORT WORLD approaches systematically and efficaciously in contract creation or analysis and giving go-ahead for execution. This methodical process minimizes financial loss and augments profitability.

Guidelines for Contract Drafting Agreements for Independent Contractors

contract drafting

Independent contractor agreements are agreements drafted by companies while hiring contractors for a short period and they are different from your regular permanent employees. It is important to have a well-written contract with an independent contractor because of the many differences that exist between a trusted employee and an independent contractor about whom you don’t know much.

Given below are some points to consider and things to keep in mind while drafting and hiring an independent contractor:

Training: Training workers by making them work with one of your employees and attend meetings will help the worker understand the work and the process he is required to undertake. Though in general an independent contractor does not need training, but it will help him get acquainted with the work you want him to commit himself to.

Right to Delegate and Hire: Make sure that your contractual agreement states that the independent contractor must hire assistance, supervise them and pay for them himself.

Equipment and Tools: Be specific of the equipment’s and tools you want the independent contractor to use as an independent contractor generally provides his own supplies and equipments. The independent contractor is independent because he covers most of the personal costs, consider the expected contract price that the contractor will require to cover his cost and pay him a little extra on the condition that he manages within it.

Reports and status of work performed: Try not to enforce periodic written or oral reports and don’t negate them either. Frequently, written and oral reports are not mentioned in the contracts and the employer is then accused of demanding reports, which indicate his need for dominance.

Duration and hours: Having short period contracts are better than longer ones. Applying schedule for workers and their work will help the individual contractor’s efficiency with the right amount of rest and food.

Names and titles: Avoid using nomenclature that is generally used for an employee, this can be done by clearly stating that the person is working as an independent contractor and not an employee.

Exclusivity: Make sure that you state in the contract if the worker is required to do full time or part-time work, as typically independent contractors can have multiple commitments that they have to fulfill and complete transparency from your side is required about work details and your requirements.

Payment and expenses: Pay the contractor not on a periodic basis but as and when he completes the project required out of him. Avoid reimbursements systems as it indicates an employee and employer relationship.

Profit or loss and the public: During the drafting, avoid monetary safety nets that prevent workers from experiencing losses.

TerminationGenerally, an independent contractor cannot be terminated unless the contractual specifications are met with. Consider drafting that the termination will occur when the project is completed in a set period of a given time and then the payment will be made along with termination of contract.

It is important for you to judge which aspects are important while contract drafting with a specific contractor. The more detailed you are in your contract the more the chance of long-term success is guaranteed. Business today needs to pay more attention to contracts while hiring independent contractors and finally need to make sure that they hire under legal boundaries and the tax issues are not bound by the contract between both the parties.

Managing Legal Contracts in the Modern Enterprise

Legal Contract Management

Today, there is a rising need for corporations to implement rigorous legal contract management doctrines, especially contracts with third parties, to make sure that legal and regulatory requirements are carried out efficiently within the scope and constraints of the agreement. The ‘sign and forget’ attitude is a growing trend in today’s firms due to which many corporations’ are facing corruption and their bottom line is being severely affected.

Signed paper copies of contracts that detail clauses, commitments and obligations are required to be stored and preserved. The management of a contract needs to happen over its complete life cycle, which is creating, negotiating, storing, scheduling contractual events, enforcing and terminating or renewing the contract. Until now the process has been physical and painstaking, with large margins for error. Due to this companies have begun using software solutions which have enabled them to handle data and resource planning systems. Software solutions also help converting ‘rudimentary’ contracts into foundations for revenue and at the same time reduce corporate risks and costs.

Coordinating Contracts within the Enterprise

For companies that are running two or more internal subunits which are further negotiating with another company and its subunits and all these sub-units are at different location or maybe even in different countries, then communication is a very important aspect of the efficient functioning of the contracts that they hold with each other. Due to lack of communication between the sub-units of the same company collaborating with another company, will lead to incorrect decision making due to the deficiency of sharing information with each other. The incorrect decisions will then have dire consequences for each of the corporations directly or indirectly. Dolphin Software states that individualist relations of sales and supplies lead to increased risks and costs. Also informational vacuum in state and federal agencies is unforgivable.

Milestone and other Metric Monitoring

Development of trust in lieu of permitting automatic renewals between two corporations will lead to positive transfers, and it is the most sincere principal that a sales team can hope for. Either renewal can ensue, if a corporation terminates a contract or if its partners have a need to manage their service to existing customers. According to Garner Group amazingly 60% of supplier contracts are renewed automatically without the buyer even knowing because the buyers never gave the notice of termination.

Corporate Compliance and Governance

Managing contracts till the end of their term is good business ethics and legally necessary for all enterprises. Information revealed to stakeholders by the Chief Finance Officer must be accurate and to do this the officer requires to be well informed with contracts of the enterprise. Also, state and federal regulations entail public companies to provide information regarding processes and mechanisms that manage the information.

Sponsoring Contract Management

For corporate management to be competently supported, executives and directors need to sponsor its application process for important aspects like strategy, regulatory and legal compliance and bottom line foundations. Traditional methods are no longer enough to deal with the process of a corporation. Contracts now need to be attentively monitored with software systems that can assimilate the information, CRM, ERP legacy systems and the financial systems that are present in the enterprise.