Organisations have lots of business relationships dictated by contracts and their terms. While contract managers work diligently to keep track of contract terms, provisions, and obligations in a methodical fashion – there are additional solutions for contract management.
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In today’s rapidly changing and competitive market, procurement departments are under pressure to deliver value beyond cost savings. Companies are continuously looking for areas where they can improve the efficiency of their procurement process while making it more sustainable.
However, to achieve this, crucial decisions need to be made based on the right data and metrics; Tracking essential KPIs for procurement management is vital. While these metrics can vary from company to company, there are several fundamental procurement KPIs that should be considered, regardless of industry.
Reading time: 3 minutes.
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The role of procurement relies on making decisions quickly.
The quality of his decisions is based on the quality of his data and this is where Smart contracts can have a decisive effect on procurement.
A Smart contract is executable code in a transactional environment, such as a blockchain which allows the simple streamlining of business services.
The procurement functions can widely benefit by adopting Smart contracts based on blockchain technology.
The inner characteristics of this technology, as speed, efficiency, transparency and immutability, offer exclusive benefits.
In this article we will examine how Smart contracts can affect procurement.
Reading time: 4 min
A non-compete agreement prevents one or both of the contracting parties from competing with the other party in certain ways. It can either be inserted as one of the terms of the contract or it can form a stand-alone agreement. This agreement shall include reasonable time limits and territorial restrictions. It must not go beyond what is reasonably necessary to protect legitimate commercial interests otherwise might be unenforceable.
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A software subscription agreement is a contract that exists between the manufacturer of the software (the licensor) and the company that purchases it (the licensee). Such agreements exist to protect the purchaser against negligence or fraud on the part of the manufacturer. However, it also serves to protect the manufacturer, as well, as the software subscription agreement may include stipulations as to how the product may be used, authorized users. While it used to be customary for software companies to sell their product with a perpetual license, meaning that the customer pays for the software upfront and perhaps only pay additionally for updates for technical support, it is becoming increasingly common to find subscription agreements. There are a few reasons for this, the primary one being financial, as it creates a regular flow of income with customers paying regular monthly or annual subscription costs.
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In this agreement, the developer agrees to create certain software for the client and to transfer the intellectual property rights in that software to him. One important aspect to include in this agreement is to agree regular milestones, which breaks down the project into discrete deliverables. At the end of each milestone, the developer should have reached an agreed stage of the work. Assuming this is done, the work is signed off and a specified amount of funding is released to the developer to progress to the next milestone. This makes it easier for both sides to monitor the progress of the project.
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Non-disclosure and confidentiality agreement.
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