I recently heard a story of a services firm that generated contracts from “passed around” Word templates. At some point, somebody actually read through the contract and realized the entire liabilities and indemnification section had been deleted. This contract form had been used for 2 years.
Contracts are the backbone of every organization. They define and contain every aspect of all corporate relationships; with employees, customers, vendors, partners and stakeholders. Managing your contracts efficiently amounts to managing your business efficiently. And the same holds true whether your contracts are sales contracts, insurance policies, or financial documentation such as ISDA Master Agreements.
Welcome back for installment two of The 5 Scariest Questions Your CEO Could Ask About Your Contracts, based off our recent webinar of the same name. In Part 1, we detailed the first three situations in which not knowing your contracts inside and out could make you shake in your boots: 1) an M&A event 2) a rogue vendor and 3) an MFN clause. Let's dive into the rest.
Even if you’re not scared of your CEO, you may be scared of the questions they could ask about your risk and liability. It's a good thing your contracts can probably tell you everything you need to know. We recently produced a webinar called The 5 Scariest Questions Your CEO Could Ask About Your Contracts. Pulling from the webinar, we'll go through the five scenarios in which your ability to mine into your contract data could make a massive difference to your business and your reputation.
Today we announced Exari Contracts Hub™, the newest offering to advance the practice of Contract Lifecycle Management. Who cares, you ask? Well, you should. Every business runs on contracts. And every business knows their customers (CRM) their accounts (financials) their suppliers (procurement) and their employees (HCM). What do all of these have in common? They are ruled and governed by contracts.
We spend our days pouring over numbers, making them make sense, making them grow or shrink based on what’s best for our business and the businesses of our clients. But one number has stuck in our heads and made it impossible to do nothing. Over 1.1 million kids in Florida go hungry.
All companies – from retailers to hedge funds – know that customers are their number one priority. Client obligations are always the first concern as customer satisfaction is the only reliable road to growth. The 2013 Lloyd’s Risk Index cited “loss of customer” or “abandoned transaction” as the second-most-critical business risk (ahead of cyber risk and behind taxation). First of all, we all know that it is far more expensive (according to some studies up to 10 times more) to acquire new customers than it is to retain existing ones.
Hedge funds deal in risk: it’s how they make money for their clients, it’s how they build and prosper. But while hedge funds and asset managers may be experts in managing financial risk, they must come to grasps with the new and evolving risk that threatens their entire business model: the risk of a hack.
The last year at Exari has been marked by unprecedented progress. Our team has grown by over 45%, we’ve expanded our customer base substantially, our existing customers have continued to expand their use of our solutions across their companies and we’ve expanded our offerings in exciting ways. Our customers have always been our partners in our success, and we continue to listen to them as our business grows. We are leading the market in a number of important trends driven by regulatory and industry forces. We have followed trends in the market, in the law, in the demands of regulators and industry leaders. Because we continue to meet or exceed our goals, it was time to put ourselves in the best position to maintain this momentum for years to come.
We at Exari are beyond excited to announce the launch of our new website – reimagined, revitalized and revamped. Our new site not only makes finding what you’re looking for easier, it introduces a host of new content that makes a strong case for why CLM is the way of the future. The new site also better reflects of our state-of-the-art technology, the knowledge of our ever-growing (not to mention diverse) team of experts, and our commitment to helping companies harness the power in their contracts.