Obligations and rights in a contract! Typically, in a contract, there is no specific section with says “Obligations”. Obligations and rights are strewn throughout the contract. Obligations typically say things like “Party will do…”, “Party shall do…”. Rights are typically outlined as “Party has the right to audit….”, “Customer may extend the agreement…”, “Customer is entitled to terminate […]

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As part of the legacy contract migration/data extraction series of blogs, here is the 3rd one of the series. Can I extract and track my business-specific information? But of course! In fact, 30-40% of the information that Brightleaf extracts are our clients’ business-specific information. To give an example, for a Class 1 Railroad company, we [...] Read More →

When people plan a contract management system, their immediate concerns tend to focus on finding their contracts and reporting on standard metadata, including contract owner, contract status, and renewal date. A centralized repository takes care of the first need. Configured reports set up for specific contract metadata address the second need. But beyond standard contract […]

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What is a contract obligation? An obligation is a necessity, a bond, a guarantee; something that must be performed. Lawful wording stipulates the utilization of “will” and “should” to state firm Obligation in an agreement or a guideline. The expressions “will” and “may” are likewise used to demonstrate less strong duties, yet are nonetheless significant […]

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