What is Contract Administration? Contract administration includes planning, creation and implementation of a contract by ensuring that it completes all of its specified objectives. It refers to the precise actions performed to accomplish the intended business results and manage the contract lifecycle. Contract administrators must keep open lines of communication in order to design, carry …
One of the most important phases in the lifespan of a contract is negotiation. At this point, the parties engage in conversation, negotiate key provisions of the contract, and ultimately come to an agreement that will benefit both parties in their business partnership. The parties also establish their responsibilities and make plans for any risks …
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What is Contract Lifecycle Management (CLM)? The term “contract lifecycle management” (CLM) refers to the overall administration of contracts starting from its initiation, termination and further to its renewal by covering the whole of the management span of the contract with the purpose of enhancing business performance and reducing risk. Why is Contract Lifecycle Management …
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The Sarbanes-Oxley Act, or SOX, was signed 20 years ago. After over 20 years, substantial financial and auditing standards for publicly traded firms have been established by this federal law, and for many businesses, compliance with SOX is not only required by law but also a smart move. Section 404 is one of the more …
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There are two categories of residential or commercial property: freehold properties and leasehold properties. Unlike leasehold property, which is typically leased for 99 years starting from the time the property is built, freehold property is self-explanatory—it is “free from hold” of any authority other than the owner for an endless period. Leasing is one way …
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