Another area which tends to have at least one exclusionary clause is travel insurance. It's really important to read the terms very carefully to be sure you are fully covered. If you plan to do anything considered dangerous, such as skydiving, you may need to buy a policy targeting this ...
Sometimes contract agreements have special considerations or features setting them apart from more common types of contracts. For example,non-disclosure agreementsandconfidentialityclauses are sometimes included in contract agreements when the information being shared with one or more of the parties is not...
A penalty clause is a provision within a contract stating that if one party breaches it, they must pay financial compensation to the other. Having them in place helps to avoid the need for costly and time-consuming litigation to determine damages. In other words, a penalty clause is like a...
It makes the contracts into usable data. You can create a report on all of your deadlines to plan staffing over the next month. You can also suggest clauses with high compliance rates to your customers when drafting new contracts. List all performance obligations: Looking over the contract,...
Understanding the termination clauses and procedures is important. Contract Amendments Contracts are not set in stone. Parties can amend or modify them if both parties agree. It’s important to understand how to make changes to a contract and document those changes properly. Dispute Resolution ...
Within the negotiation process, it is critical to preserve clarity rather than confrontation. Negotiations should result in the best possible outcome for both parties. It is critical for both sides to negotiate and reach an accord on which they can both agree. How To Negotiate Contracts – Workfl...
If you have a business-critical contract that has an auto-terminate clause, you may find your business at risk of failure if a particular service or system is no longer accessible. Having aclear line of sight into all contract renewalsis vital for generating the necessary value from these agr...
What is the difference between a surety contract and a guarantee contract? What is exclusive dealing and what are tying contracts? What provisions are contained in the Bill of Rights? What is the purpose of an administrative clause in contract negotations? What is the difference between an exec...
The driver of the motor vehicle fueled at one of the petrol stations and specifically told the pump attendant to put in petrol, but instead, he put diesel in the car, which damaged the engine. On claiming for the damages, the pump manager disclaimed liability, claiming that there is a sig...
Modern CLM solutions have features like contract analytics and artificial intelligence (AI), making contracts easier to find and access. These features help instantly identify specific clauses and terms embedded in the language of existing agreements. ...