Archive for the ‘Contract Management Software’ tag
NCMA World Congress 2010
We recently arrived back in Houston from the NCMA World Congress held in Fort Lauderdale, Florida. Part of me wishes I could report that Pete and I played on the beach all day and came back with beautiful tans, but instead of skipping the conference and getting a tan, Pete and I spent time at NCMA talking with some very interesting people and learning about the challenges of their jobs.
The majority of the people attending the conference were in procurement, and most worked in government, therefore they had a lot in common. We noted several common challenges among the people we talked to: Read the rest of this entry »
National Contract Management Association (NCMA) World Congress – July 18–21, 2010 in Fort Lauderdale, FL
I am looking forward to attending “Building Strategic Partnerships with your Suppliers” session at the National Contract Management Association (NCMA) World Congress on Monday, July 19, 2010, from 3:45 pm – 5:00 pm.
Contract management and insurance coverage are not strange bedfellows
In ever-growing numbers, contracts contain language impacting the relationship between a contracting party and an insurance carrier. Contracts may include a variety of new insurance based terms that require:
- Coverage against a certain kind of loss
- Policy limits at or above specified levels
- That a party be added as an additional insured under another party’s policy
Proof that these requirements have been satisfied may be an essential condition of the contract, without which it has no binding effects at all.
Ensuring adherence to these insurance requirements presents a challenge that absolutely must be met. Where an insurance requirement is not satisfied, the organization can be exposed to liability for something it had believed to be a covered risk. Where an event such as a mass tort, environmental contamination or injury occurs, the attendant loss can be significant and even catastrophic.Risk rises exponentially without visibility into the contracts.For organizations handling a large number of contracts, the only means to ensure that insurance requirements are satisfied (and to avoid the significant loss) is systemic contract management deployed on an enterprise-wide scale.
So, how is this risk managed across the enterprise? By tools featuring obligation monitoring and linkage with related documents. These features are critical in managing the contract lifecycle.Obligations Tracking enables 360-degree visibility into every contract requirement across the organization. Automatic reminders will email staff months before obligations are due. Linkage among two or more contracts promotes awareness of change in not only one, but all connected bargain terms. This connection ensures that you can sync your committed obligations with the insurance requirements. Prodagio Contracts contains what is necessary to the overcome the challenges that face corporate legal groups.
If you in the are in the Austin area, check out the Contracts Seminar. We will be touching on these topics.
Contracts Webinar – The Good, The Bad and the “Better”
On Wednesday March 18th, we are holding a webinar titled “Are worst case scenarios buried in your contracts?” I talked to our speakers with morning and was excited about what I heard. The subject matter must have struck a chord because we have had an outstanding response. I have been directly involved in contracts for most of my business life; which is too long to admit. With all that experience, I learned a lot from Pat. His practical lessons and great stories hammered home the point on how poor contract management can lead to bad scenarios. From the straight-forward such as missing renewal options to the disaster of litigation, he covers it all. Great Content. I strongly recommend you join us on Wednesday no matter you experience level. Register for free at http://www.prodagio.com/landing/cwebcast1.aspx.
User Tips – Reminders vs Obligations in Prodagio Case Management and Prodagio Contracts Management
Reminders and Obligations are task items that are frequently used in both Prodagio Contracts and Prodagio Case Management. Even though both Reminders and Obligations send emails and both can be viewed as items in the My Tasks View, Reminders and Obligations each serve a different functional purpose.
A Reminder is an informal notice that requires no contractual or legal action, where an Obligation on the other hand is a notice that does require some kind of contractual or legal action.
The following list compares the functional similarities and differences between Reminders and Obligations.
Reminders
• Include Automated Reminders (set up by a BA).
• Priority can not be set.
• Due Date is not required.
• Can not be part of a series.
• Notification date specifies when an email notification will be sent.
• Can be set to recur weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annually, or annually.
• Predefined action can be selected from a drop-down selection list.
• Special instructions can be added.
• Comments can be added only when closing a reminder.
• Esignature is not required to close.
• Status categories include Scheduled, Open, and Completed.
• E-mail sent to each recipient or group with action named in the subject line.
• Can be added to Outlook Calendar.
• Instructions, Comments, and Task and Dashboard link included in e-mail.
Obligations
• Include both Financial and Non-Financial Obligations.
• Priority of high is automatically set.
• Due Date is required.
• Can be part of a series.
• Notification date specifies when an email notification will be sent.
• Can be set to recur weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annually, or annually.
• Predefined action not available.
• Special instructions can be added.
• Comments can be added when creating a new obligation.
• Esignature is required to close.
• Status categories include Scheduled, Open, Completed, and Deleted.
• E-mail sent to each recipient or group.
• Can be added to Outlook Calendar.
• Instructions, Comments, and Task and Dashboard link included in e-mail.