What Is an Executed Contract?
Business contracts are critical in many different aspects of operations. Contracts outline important details about relationships, exchanges of funds and services, legal requirements, timelines, and pricing. They reduce confusion and ensure all parties are on the same page. Contracts go through several stages before they’re complete. There’s the writing and drafting stage, and then the […]
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Everything You Should Know About Contract Lifecycle
Contracts play a key role in the business world. Partnerships and negotiations are built around legally binding contracts. But few contracts are designed to bind two people or entities forever. Most have contract expiry dates or other clauses that end them. Understanding the contract lifecycle process allows you to build an audit trail that your legal […]
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8 Types of Business Contracts
There are different types of business contracts. Knowing which one you need and when is important, so we’ve put together this guide to help. It covers eight different types of contracts and explains how and when to use each one. 1. Service Contracts Of the many different types of contracts in business, the service contract […]
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How Does AI for Contracts Work?
The capabilities of artificial intelligence (AI) have grown by leaps and bounds in recent years, and the technology is taking nearly every industry by storm. The legal industry is no exception, using it for everything from researching previous contract disputes to navigating other tedious contract-related processes — an area in which AI is proving particularly […]
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Contract Effective Date vs Execution Date Explained
Contracts formalize agreements and smooth out transactions between businesses and individuals. When parties sign a contract, everyone is on the same page and has a documented record of their agreement. But, some contract terms are challenging to understand. Lawyers sometimes use complex language and words that have a specific meaning. Contract effective date vs. execution […]
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A Guide to Contract Disputes
A contract outlines the terms of a legally binding agreement between two parties. Ideally, it covers exactly what each party is responsible for and the consequences if one side doesn’t hold up their end of the contract. Unfortunately, even with a solid contract in place, both parties don’t always agree on the terms and conditions. […]
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What Is an Enforceable Contract?
Modern society runs on contracts. From signing up for the latest app to having surgery to buying a new car, contracts lay out what each party can expect and what they must do to hold up their end of the bargain. That is, unless the contract is unenforceable. Enforceable Contracts 101 The total value of […]
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What Is an Evergreen Contract?
Negotiating and signing contracts can be time-consuming. Once all parties have hammered out an agreement everyone is happy with, an evergreen contract can eliminate the need to redo the contract when the term is over. Evergreen contracts automatically renew until one party cancels. Evergreen Contracts 101 Evergreen contracts are common in many businesses, such as […]
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What Is Contract Redlining?
When you’re trying to reach a legal agreement with someone else — whether it’s a person or business — the details matter. Redlining allows each side to make changes to the contract until both agree. The Role of Redlining in Contractual Agreements Redlining in the context of contractual agreements refers to a contract workflow where […]
