Contracts are crucial, but they should not slow down business deals. The business teams work hard on deals. It can be frustrating for them when the contract execution holds up the revenue or the other benefits the deal offers. That’s why every business understands and recognizes the need for fast and efficient execution of contracts. But how can that be achieved?

Contract compliance is crucial for internal operations as well as external relationships but can be a challenge for any organization as the number of contracts grows consistently along with shifting priorities and changes in personnel.

Contracts are the lifeblood of business. Irrespective of the industry, signed agreements are essential for properly defining relations and collaborations with customers, suppliers of goods, service companies, users, and employees – to say the very least.

With its intellect and flexible platform, smartContract can respond to the complex contract management processes with ease and transform contracts into significant assets that generate more value, and protect businesses against any contractual risks.

At smartContract we have been closely monitoring the impact of the pandemic on the legal operations. Businesses run on contracts and contracts are simply a piece of paper until they are validated with signatures. But physical signing of contracts has gone beyond our reach. We are facing a big question of how to execute contracts in these circumstances of lockdown and social distancing.

Risks are inherent in any contract. Risk management is all about working within the acceptable levels of risk and proactively managing the accepted risk exposures. Making the Legal team solely responsible for minimizing risks is not an effective risk management practice.

Risks are inherent in any contract. Risk management is all about working within the acceptable levels of risk and proactively managing the accepted risk exposures. Making the Legal team solely responsible for minimizing risks is not an effective risk management practice.

Over the last decade, the Banking, financial services, and insurance (BFSI) sector has taken steps to improve customer service through efficient, easily accessible and digitally advanced products and services. This has happened through digital transformation.

Organizations nowadays are striving towards digitalization and getting rid of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing. Everyday a company deals in stacks of contracts and traditionally the management of these documents has been disjointed at best.