What You Didn’t Know About Contract Management

What is Contract Management?

Contract management, also referred to as contract administration, is the management of contracts that are created between customers, partners, vendors or employees. The field of contract management includes negotiating the terms and conditions present in these contractual agreements, while subsequently ensuring that these stipulations adhere to compliance issues designated by the underlying company or industry.

In addition, contract management entails the documenting and agreeing on all changes that may come to light during the implementation and execution of such contractual agreements.

Contract management can be best summarized as the formal process of efficiently managing the creation of a contract, along with expediting the execution and required analysis of the contract. The systematic approach of contract management is required to maximize the financial and operational capabilities and performance of the underlying parties. In addition, contract management is undertaken to mitigate the risk associated with a contractual agreement.

Contract management deals with contractual agreements that are made in a commercial setting; common forms of commercial contracts will include employment letters, purchase orders, sales invoices and utility contracts. The more complicated forms of commercial contracts will include contractual agreements regarding constructions projects, the exchange of goods or services that are regulated by a government authority or require the delivery of technical specifications, intellectual property agreements and issues revolving around international trade.

Common Areas of Contract Management:

Contract management, in the most simplistic of forms, will expedite the drawing and execution of a business contract. A business-standard contract model, as carried-out by numerous organizations throughout the United States of America will typically review and systematically inspect the following areas of business disciplines:

Baseline management

Commitment management

Authoring and negotiating the business contract

Creating a visible contract that is easily understood by both parties

Growth Contracts for sales-side contractual obligations

A contract management team will expedite the creation and delivery of numerous types of contracts, including purchasing contracts, partnership agreements, trade agreements, intellectual property agreements and sales contracts.

A purchasing contract is a legally-binding agreement between a company (the buying party) and a supplier who promises to sell products and/or services that meet the terms and conditions within the contract. The company, in return, is obligated to acknowledge the transfer of goods and services and to pay the seller for the offering.

A sales contract is a legally-binding agreement between a company (the seller) and a customer; in this contractual agreement, the company agrees to sell products or services to the customer. In return, the customer is obligated to pay for the products or services purchased.

A partnership agreement may take the form of a contract which formally establishes the terms of a partnership formation between two legal entities. A partnership agreement, in regards to contract management, may also merely reflect the desire of the parties to act is if both are forming a partnership with common goals.

Understand Your Rights As An Employee

What are Employee Rights?

Employee rights are the personal freedoms and privileges given to individuals who work in the United States, as well as other developed nations. Employee rights are affirmed through employment laws; in a general sense, employee rights are awarded to working individuals to protect their interests and safety in the workplace.

The most basic and fundamental employee rights will offer the working individual the right to time off work, to contribute work without harassment, and the right to receive minimum as well as overtime pay. Those individuals who work and who do not receive such employee rights possess the ability to file lawsuits against their respective employers. If found guilty of violating these basic employee rights, the underlying employer will be forced to provide the respective employee with monetary compensation and punitive damages.

Employee rights take the form of both state and federal laws; each individual state posts its own minimum wage scale that must abide by the federal scale enacted by the United States government. Employee rights regarding overtime, although up to the discretion of the particular employer, must also meet the federal guidelines instituted by the United States government.

All employees, except for those exempt such as salaried supervisors, are entitled to compensation for hours worked beyond the hours required in the individual’s particular employment contract.

Minimum Wage:

Another fundamental employee right is the right to earn a minimum wage. It is illegal, based on employee rights and coordinating employment laws, to pay individuals below the federal and local minimum wage level. No state may pay employers below the national minimum wage right, although the potential for workers in the service industry to collect tips, does enable an employer to pay a wage lower than the national level.

Time off Work:

Employee rights mandate that all employers allow their respective employees to take time off from work. The reasons for requesting time off can include the need for a vacation, family emergencies or medical leave. Regardless of the reason, an employer must satisfy this basic employee right; the amount of time off will vary based on company and the stipulations which elucidate on time off will be documented in the employment contract.

Workplace Rights:

All employees possess the right to enjoy a workplace that is free from harassment. Basic employee rights will protect workers against sexual harassment or harassment fueled by age, race or gender discrimination. If a worker is being harassed, the individual has the right to file claims with an administrative body to initiate the filing of a civil suit.

The Secret of Offer and Acceptance

The underlying philosophical approach to contract law is pacta
sunt servanda. Pacta sunt servanda is a Latin phrase that
can be literally translated as “Pacts must be kept,” but is more commonly and
colloquially translated to mean “agreements are to be kept.” This phrase is the
essential theory behind contract law. However, pacta sunt servanda only
applies if the contract that is formed is a legally valid one.

One of the most essential
aspects used to determine if a contract is valid or not is if there is a
legally recognized offer and acceptance. The focus on offer and acceptance is
the traditional approach to analyzing whether an agreement is present between
the two parties who are in a contract dispute.

When measuring whether there is
a sufficient agreement between the two parties, there must be an offer and
acceptance. The offer is the terms that are presented to the “offeree” by the
“offeror”. In order for a contract to be formed, the offer must be accepted
unconditionally.

If the initial “offeree” makes any changes to the terms
presented to them by the offeror, then there cannot be offer and acceptance at
that point, for the individuals have immediately swapped position. This new
offer, and acceptance of the new terms, may result in agreement, however. The
difference is largely technical, and only becomes an issue if there is a contractual
dispute between the parties.

What Are Contracts

What is a contract?

A contract agreement is a legally binding agreement that is reached between two parties under which the two parties to the contract agree to assume an obligation to each other and provide methods of remediation through the courts in the event there is a dispute about whether or not each party upheld their obligation.

Contracts law cases

Contracts law is one of the major sections of common law. Some of the most prominent contract law cases have been developed over the past several hundred years. The most prominent and influential of these contract law cases have been compiled to create the Restatement of Contracts.

Meeting of the minds

A meeting of the minds is one of the essential elements of forming a valid contract. Meeting of the minds means that both parties to the contract have agreed to the terms of the contract. It can be difficult for the courts to determine if a meeting of the minds has been conclusively established.

Deed poll

A deed poll is a legal document that binds a single party to take an action. It is different from a contract in that while a contract expresses a promise, a deed poll only expresses an intention to act. A deed of poll is commonly used in England, Wales, the Republic of Ireland, Northern Ireland, Hong Kong, and Singapore.

Contract templates

Contract templates can be used to form a general contract. A contract template may also be used to ensure that the terms of the contract are equitable to all parties involved.

Offer and acceptance

The underlying concept behind contract law is pacta sunt servanda. Pacta sunt servanda is a Latin phrase which is translated as agreements are to be kept. However, this only applies to legally valid contracts. One of the main methods of determining when a contract is valid is by determining if offer and acceptance has taken place. In the eyes of the law, the offer and acceptance is only valid if there is not a change to the offer and acceptance is unequivocal.

Consideration

Consideration is the item of value that is exchanged in a contract. Contract law is not concerned about whether or not the consideration being exchanged is of equal value. All that matters is that the consideration cannot be inconsequential.

Contract termination

A contract termination letter template can be an important resource for a company since it can help to make sure that the contract termination letter is legally valid and does not violate any laws when the contract termination letter is served. The contract termination letter should provide the reason the contract is being terminated, as well as the legal justification for the contract termination.

Boilerplate contract

A boilerplate contract, adhesion contract, or standard form contract are all synonymous terms for a contract in which the terms of the contract are drafted ahead of time. Part of the controversy behind a boilerplate contract or adhesion contract is that it may not be possible to access the terms of the contract before signing the contract, since it may be on a “take it or leave it” basis.

Sample contracts

Sample contract forms can help individuals form a boilerplate contract, although standard contracts may also be formed from contract forms for the sale of goods, to create employment contracts, or to create a standard contract that can be used with minimal customization and involvement of lawyers.

Uniform Commercial Code

The Uniform Commercial Code, abbreviated as the UCC, is a legal document that is meant to serve as a guideline for states to align with their contract laws in order to facilitate commerce. In one form or another the Uniform Commercial Code has been adopted in all fifty states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands. However, Louisiana has not adopted Article 2 of the UCC.

Contract software

Contract software to create free contract templates can be found widely online. These free contract templates can be used for personal or commercial business. Contract software can be distinct products or may be add-ons to existing software.

Contract vs. agreement

While a contract forms a binding relationship between two parties, an agreement involves a relationship that cannot be enforced by the courts. Contracts outline the obligations that are being assumed, although contracts outline the remedies if these obligations are not met.

Restatement of Contracts

The Restatement of Contracts is a widely respected legal treatise. The Restatement of Contracts is compiled by the American Law Institute.

Privity of contract

Privity of contract is the concept that only the two parties that form business contracts can sue to collect benefits from the violation of a contract.

Find Out All You Need to Know About Construction Worker

What is a Construction Worker?

A construction worker is an individual employed in the construction industry; a construction worker will perform various physical roles on construction sites. The term “construction worker” is somewhat broad and will incorporate general construction workers, such as members of specialist trades such as carpenters, plumbers and electricians. As a result of this incorporation, a construction worker will encompass a number of laborers who are engaged in physical work or the construction of a tangible building or site.

Types of Construction Workers:

Within the field of construction includes specific roles that will incorporate a specialty aligned with the construction of a building. For example, when building a house, apartment or factory, numerous aspects of the creation must be accounted for. To properly build the structure, a construction company will utilize the following types of construction workers:

A tradesman or a bricklayer is a fundamental type of construction worker; these individuals lay brick and construct brickwork. The term also incorporates those individuals who use blocks to construct walls and other forms of masonry.

A construction worker can also be a carpenter, who is a skilled craftsman who performs a wide range of woodworking that includes constructing furniture, constructing buildings and other objects that are made of wood. This field of work will involve significant manual labor and outdoor work.

A carpet layer is another type of construction worker; these individuals specialize in laying flooring and carpets.

A concrete finisher is a type of tradesmen who works with concrete. This role includes placing, fishing, repairing concrete in construction projects and protecting the structure.

A heavy equipment operator is a fundamental type of construction worker who drives and operates heavy equipment on the site. A heavy equipment operator will use various capital and heavy equipment to construct and engineer various projects.

A heating and cooling specialist is also required during the construction of a project. Healing and cooling specialists are types of tradesmen that specialize in water pumps and furnaces.

An electrician is another type of construction worker; these tradesmen specialize in electrical wiring of buildings and other related equipment. An electrician may be employed in the construction of new buildings or the maintenance of existing infrastructure.

Laborers are types of tradesmen who are proficient with hand tools, small heavy equipment, air tools and assisting other trades.

Plumbers are also incorporated with construction projects; a plumber is a type of tradesman who specializes in installing and maintaining systems used for heating, drainage, plumbing, potable water or small-sized industrial process plant piping.

A pipefitter is someone who assembles, lays out, fabricates, maintains and repairs large-sized piping systems for industrial projects—these pipes are typically under high pressure and require various metals, such as stainless steel, carbon steel and other alloys.

The last type of basic construction worker is a steel erector; these individuals are tradesman will install structural steel frames of building and engineering projects. This type of work is executed in small teams; each individual will use powered and hand tools to bolt the steelwork together.

What Can A Contract Software Do For You

Contract software can provide
free contract templates for individuals to use when, in the course of their
business or personal dealings, they encounter the need to form contracts. In
addition to purchasing contract software for the express purpose of creating
contracts, in many cases companies are able to obtain free contract templates
online in order to accomplish their contract creation needs. The contract software
that is used may be customized for use by a company, or the contract software
may simply be used as they are originally obtained.

Free contract templates may be
used to create a standard form contract, which are also known as a boilerplate
contract or an adhesion contract. Whether paid or free, contract templates can
save an individual or enterprise substantial amounts of time, cost, and effort
that would otherwise be associated with the creation of a contract.

Contract software can be
drafted using free contract templates to help facilitate the use of contracts
and services. Contract software which an individual or enterprise obtains can
make use of free contract templates in order to allow the party that is
drafting the contract and then offering the contract to the other party, a
resource which can help them to make the contract more likely to stand up to
scrutiny in a court of law, as well as making sure that the free contract
templates which they use will provide for their particular needs.

Where Can I Find Sample Contract Forms?

Using sample contracts can help
individuals create contracts that will adhere to the basic tenets of contract
law while still being able to adapt to the particular needs of the contractual
situation in which they find themselves.

Contract forms may be created that
will provide blank spots in the sample contract into which a party will be able
to fill in their name or any other relevant information needed to transform the
sample contract form into a legally recognized valid contract.

Contract forms can exist for
the sale of goods, to form employment contracts, to create a relationship
between a landlord and tenant, to form a legally valid will or trust, to form
consent or release documents, and to create contracts for marriage or
cohabitation.

Other examples of sample
contracts include: event contracts; household services contracts; durable power
of attorney contracts; medical directives; other health and medical contract
forms; a variety of job contract forms, such as independent contractor agreements,
consultation contracts, project management contracts, or contracts for bidding
on a job; professional services contracts, such as a sample contract for child
care, for models, contract forms for a lien, a housing board contract, a contract
for maintenance, or model, painting, or photography sample contracts; contract
forms for real estate sales, rental contracts, general sales contracts, or
miscellaneous other forms of contracts.

Contract In Depth

A contract is a legal document which may be enforceable by legal action or by binding arbitration. In order for this to be true, however, the contract agreement must meet several important requirements.

There must be a compensatory remedy for the contract under which the party which defaults is required to pay monetary compensation that would have otherwise been provided had the contract agreement been upheld, or an equitable remedy, which can also be called Specific Performance. The equitable remedy, or specific performance, compels an individual who enters into a contract agreement to carry out the action against which they have attempted to renege on their obligation.

In order for a contract to be valid, the contract must involve unqualified, or “mirror”, acceptance. In order for a contract agreement to be valid, all parties must have the capacity to contract, and the terms of the contract cannot be trifling, indeterminate, or impossible. In the eyes of the law, a contract cannot be entered into to compel illegal action.

Although a contract is usually written in order to compel action, a contract agreement can also be created which will prevent a person from performing an act which they have the legal capacity to perform.

If a contract agreement is breached, legal remedies may be provided to address that breach.

Contract law, the legal field that specializes in the legal disposition of contracts and contract agreements, generally adheres to the Latin motto “pacta sunt servana,” meaning “pacts [agreements] must be kept.”

What are Sample Contracts

Using sample contracts can help individuals to create contracts that will adhere to the basic tenets of contract law while still being able to adapt to the contract in question to adhere to and suit the particular needs of the contractual situation in which they find themselves. Contract forms may be created that will provide blank spots in the sample contract into which a party will be able to affix their name or any other relevant information needed to transform the sample contract form into a legally recognized valid contract.

Contract forms can exist for the sale of goods, to form employment contracts, to create a relationship between a landlord and tenant, to form a legally valid will or trust, to form consent or release documents, and to create contracts for marriage or cohabitation.

Other examples of sample contracts include: event contracts; household services contracts; durable power of attorney contracts; medical directives; other health and medical contract forms; a variety of job contract forms, such as independent contractor agreements, consultation contract forms, project management contract, or a sample contract for bidding on a job; professional services contracts, such as a sample contract for child care, sample contracts for models, contract forms for a lien, a housing board contract, a sample contract for maintenance, or model, painting, or photography sample contracts; contract forms for real estate sales, rental contracts, general sales contracts, or miscellaneous other forms of contract.

Important Facts to Know When Refusing To Sign A Contract

Contact law encompasses a variety of types of contacts. In many cases, the rules and laws apply to all contracts. However, there are some specific laws which only apply to certain contracts.

For example, if an individual refuses to sign an updated contract, the repercussions would depend on the type of contract. In some cases, there is no recourse if individuals refuse to sign an updated contract, and the other party could in fact be charged with breach of contract if they refuse to honor the old contract.

For example, employers that distribute a new contract may request that all employees sign it. If an employee refuses to do so, they are still under the old contract. If that employee were terminated based on the new contract, the employer could be charged with breach of contract for the original contract.

Contract Law

Deed Poll

What You Need to Know About Contract Templates

What You Didn’t Know About Contract Management

Understand Your Rights As An Employee

The Secret of Offer and Acceptance

What Are Contracts

Find Out All You Need to Know About Construction Worker

What Can A Contract Software Do For You

Where Can I Find Sample Contract Forms?

Contract In Depth

What are Sample Contracts

Important Facts to Know When Refusing To Sign A Contract

Easy Guide to Contract Law

All You Need to Know About Sustainable Construction

Contractor Explained

Find Out All You Need to Know About Construction Worker

Important Facts About Breach of Contract

Read This Before Entering Into A Quasi Contract

All You Need to Know About the Roman Law

Must Know Facts About Tenancy Agreement

Important Details on Service Level Agreement

Quick Outline of the Marital Settlement Agreement