Your digest of news, events and articles from IACCM's global contributors.

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Welcome to the April Edition of the IACCM Contracting Excellence Newsletter. Your digest of news, events and articles from IACCM's global contributors.

 

 
 

IACCM What's New

Americas Conference Phoenix, Arizona

EarlyBird - 30% discount until 30 June  

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IACCM Contract Design Pattern Library

Effective and repeatable solutions

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IACCM Contracting Principles

To support negotiation of contract clauses

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Recent Articles

Young handsome man in suit reading old book

Why are agreements so hard to understand? by Kristian Foss

A survey conducted by the International Association of Contract and Commercial Management (IACCM) shows that only 1 of 10 agreed that contracts are "easy to understand".  And only 17% were satisfied with the agreement process. These numbers are miserable.  Why is it so, what are the consequences, and what can we do about it?

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Sign too quickly, perform poorly – why do we leap before looking? by Paul Hemlin

I just spent over 6 months on and off negotiating a new liability cap into an existing contract for one of our clients -- countless meetings, reports, presentations, approvals and so forth. Now the ink is dry, and I’d be amazed if we ever talk about it again during the remaining term of the contract.
 

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Team Building

#Strongertogether by Sally Hughes

I started my hashtag #strongertogether in 2018 - well I have to admit I “adopted” it because needless to say (and at the time unbeknownst to me) it already existed elsewhere in many different contexts, particularly around areas such as sport and broader diversity issues. I’m certainly not precious or territorial about its use. Indeed, it is heartening to see so many people and organizations recognising the strength that comes from collaboration, from working together to achieve a common goal.

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Making strategic sourcing and collaboration choices before you contract

Making strategic sourcing and collaboration choices before you contract by Joost van Boeschoten, and Cris Buningh

You want your contracts to deliver value to your business, right? Who wouldn’t? But do you know how many contract and commercial professionals fail to realize that collaboration with suppliers is essential? The first priority is to plan specific strategic sourcing strategies to figure out what we will do ourselves and what we want from suppliers.

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Can you deal with risky stakeholders? Absolutely! Here’s how

Can you afford not to ask the right questions? by Paul Humbert

Without a doubt, contracts are the most important risk avoidance management and mitigation tools organizations sign. Ironically, many top executives know little about contracts and how they work to support the organization’s goals. Instead, many choose to delegate the responsibility for identifying and managing those risks to others often with few, if any, questions asked.

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risk management

Eliminating top ten risk myths spawned by false beliefs by Dr. David Hillson

Since the dawn of time, mankind has used myths to make sense of the uncertainty that surrounds us. More recently myths have crept into risk management and business projects. Although risk myths have some basis in truth, they fail to accurately represent reality. Here are top ten risk myths and counterpoint rationale showing how to counter the myths.

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artcl

Seven reasons to load your legacy contracts into a new Contract Lifecycle Management (CLM) system by Samir Bhatia

Let’s say you missed a delivery deadline, or an early settlement discount, or an opportunity for a bonus – all of which were specified in the contract. Any of these errors could hurt the bottom line in business. Could you justify leaving money on the table, because someone in the organization was not aware of a contract clause? Of course not!

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Man sitting next to a drawing of a planet with different icons

Artificial Intelligence – turbocharging our contract management future? by Emil Stefanutti

What can Artificial Intelligence (AI) do for contract management and what will it require? Our author proves that AI is already pushing contract management processes toward faster and smarter results. Chances are you will want to be in on it.

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ENTIRE AGREEMENT CLAUSES Do they protect you

ENTIRE AGREEMENT CLAUSES Do they protect you? English case law says maybe not! by Paul Golding

During a sales pitch or the negotiation of a contract, many things are written or said to clinch the deal. No doubt, on occasions, you might experience some enthusiastic ‘overselling’ or ‘marketing hype’ -- statements that the facts cannot always justify.

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Events

Process Automation on the Mechanism of Metal Gears.

Ask The Expert: Self-service Contracting: Status and Challenges

Research shows growing pressure for faster, simpler contracting processes. Self-service contracts are seen as an answer - but in practice there is very limited progress in this direction. More than 80% of organizations appear to be struggling to define which contracts can be handled differently, how they can empower business decisions, what steps to take to eliminate expert review and approval.

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Webinar - Exposing Dark Risk in Your Contracts with AI

Webinar - Exposing Dark Risk in Your Contracts with AI

Every contract is a source of value to an organization, but it can also be a source of risk. Companies who lack a complete view into their contract portfolio will suffer from missed revenue, unmanaged risk, and an uncertain supply chain. In the past, legal departments have struggled to keep up with the costly, tedious and error-prone manual task of recording key details from their contracts. But the latest AI technologies are now being leveraged to allow businesses to automatically break down contracts and extract the data so it can be used to feed other systems, deliver operational reporting and sophisticated analytics.

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Pretty businesswoman talking in microphone during conference in meeting room

IACCM Member Meeting, Seattle, WA

Please join us on May 6th for an IACCM member meeting in Seattle, WA to be hosted by Microsoft at their Redmond Campus. You will have the opportunity to network and hear from experts with insights on topics important to your business.  This valuable session is free and open to anyone working and/or interested in the contracting and commercial management area, though with space limited, priority will be given to IACCM members. Please register through the link below to reserve your seat.  We look forward to seeing you soon!

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Automation & Systems

IACCM Capgemini contract automation software comparison tool

The market for contract automation tools and systems is complex, and IACCM provides a source of unbiased guidance that simplifies selection procedures for everyone

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Featured Job Listings

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Contract Negotiator-direct hire, Troy, MI, US

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Commercial Contract Assistant/Entry Level, VA, US

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Contract Manager - Palm Beach County, FL, US

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Recent IACCM Webinars

future technology. touch button inerface illustration on blue background

Ask The Expert: Blockchain-based Smart Contracts Affect The Legal Industry And Its Application

Legal departments are going to confront new technologies such as blockchain which has the ability to affect the way commercial agreements will be arranged. The webinar features a discussion on the fundamentals of Ethereum blockchain and smart contracts, how they can be applied in the legal industry, and the novel legal issues blockchain-enabled solutions present for the practitioners.  Those familiar with contracts should understand the benefits and risks of any new technology to stay abreast of any industry applications.

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Ask The Expert: From contract drafting to contract design - How to get started

This Ask The Expert will help you get started with the progression from contract drafting to contract design. You want to make your contracts more usable and useful for the people in charge of implementing them.

Or maybe you want to help your suppliers to comply, by setting out terms they will actually read, understand, and act upon. Perhaps you have read research showing how visualization can improve understanding across the language barriers of the global market. 

But how do you get started?

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Closeup of young man in glasses with beard making blueprints on computer

Ask The Expert: Negotiation Blueprinting

In this highly interactive session raise your skill level by learning the 2 things that drive 97% of negotiation conversations. Think! Inc. re-defines business negotiation with a very fact-based, repeatable process we refer to as negotiation blueprinting.  

This is a decidedly different approach than long lists of tactics, behaviors, tips, and tricks. Our blueprint process is based on evidence of best practice negotiators globally over almost 20 years and 20,000 business negotiations.

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