Hey Retailers if you don’t have a Contract Management solution you will be learning a new language.

May 27th, 2010

Effective contract management means being able to understand the language used in the proper context and how it is used by legal professionals and knowledge workers trained to use it.

Don’t assume that understanding legal language and its use is any easier than understanding a new foreign language. Much of the language is used to create ambiguity and may be as difficult to understand as your first foray into speaking Spanish or any other foreign language.

An example of a term used quite frequiently in legal contracts and documents is ‘subject to’.  According the business directory.com this term used in a document generally prevents it from being an evidence of acceptance and, thus, of a concluded-transaction. A court, however, may decide that all the terms and conditions required in the underlying agreement have been included and agreed to and, therefore, the document evidences a concluded transaction. If that definition is clear to you congratulations. If it is not, please join the hundreds of law neophytes out there that require legal help to interpret our contracts for us.

Because we require this type of help and because most of it is done through email with hi-liteing, tracking and merging tools today, keeping track of these conversations and the most current versions of them is incumbent upon you unless you want to be subject to not understanding your own contracts.

Ask your procurement solutions provider their recommendation as to how to solve this problem for you.

At Safesourcing our product is called SafeContract™.

We look forward to and appreciate your comments.

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