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Zycus recognized as a ‘Strong Performer’ in The Forrester Wave™: Contract Lifecycle Management, Q2 2023  Read More

Contract Obligation Management with AI CLM – Part 1

Tracking Contract Obligation Management

Organizations invest a lot of time and effort in preparing an all-inclusive, error-free, unanimously approved contract. Getting it signed by the respective parties is the sweet fruit of labor. However, once it has been signed off, it is usually stored among thousands of other contracts, never to be looked at again. All those contract obligations that took so much deliberation to be framed are seldom measured and managed.

Contract obligations, simply put, are the legal commitments that the signing parties have agreed to fulfill. For example, a sales contract includes obligations of payment, delivery, quality of goods, and so on. Contract obligation management Software ensures that contracting parties fulfill the commitments laid out in the contract.

To get the full value out of your contracts, it is imperative to manage these legal obligations well. Without a contract management system in place, it is hard to ascertain whether a business deal is working as per the terms and conditions or if there is a breach of contract. Important milestones of delivery, payment, and more may easily get missed.

Contracts often contain penalty clauses to be enforced whenever specific obligations are not met by a contracting party. Not tracking contract obligations can lead to missed opportunities and may translate into heavy financial losses for an organization.

In this blog series on contract obligation management, we will discuss why organizations have such a hard time managing obligation. We will also demystify the ways in which a contract lifecycle management software makes obligation management a cakewalk.

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If you have requirement in Contract Obligation Management, Please reach out to our experts or book a demo.

Author

Anthony Scannell is the Director of Sales at Zycus, a leading provider of cognitive contract software solutions. With over a decade of experience in the field, he has become a subject matter expert for Contract Lifecycle Management (CLM), helping organizations streamline their contract processes, increase compliance, and reduce risk. Anthony’s expertise in CLM has helped numerous clients achieve their contracting goals and drive bottom-line results. He is known for his deep understanding of the complexities of the agreement process and his ability to present solutions that meet the unique needs of each client. Anthony’s dedication to customer success and his passion for CLM make him an invaluable asset to the Zycus team.
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