What is Contract Management

What is Contract Management? How Does Corpsage Legal LLP Help Businesses?

For all businesses, contract management is very important. It comprises controlling operations, executing plans, and assessing the performance to grow the business with minimal risk. It deals with all types of contracts, including everyday ones, to expand relationships with clients, vendors, or partners. Contract management lawyers have several responsibilities like creating legal documents for agreements; executing, understanding, and handling issues related to contracts; making required changes and terminating contracts when needed.

The contract managers oversee the entire contract management process. They possess legal knowledge which is needed to draft contracts. They assist in managing the financial aspects of contracts, negotiating terms, making changes, and executing agreements. These managers also conduct simulations of financial crises and monitor the financial stability related to the contract’s aspects. The business contracts have a long-term interval that may be used for suing in case there is any violation of the contract’s terms and conditions.

How Corpsage Lawyers Help You?

The team of lawyers at Corpsage Legal LLP is professional and experienced in providing contract management services. Our lawyers have complete knowledge of all types of contracts and the legalities involved in them.

• Backed with this information, Corpsage lawyers help businesses in drafting, executing, and implementation contracts that are relevant to each business.
• They are available 24×7 for the customers helping them with other aspects of contract management services such as finding a resolution of any dispute in the contract, defining payment terms, and others.

What Are Different Types of Contracts?

(I) Adhesion Contracts: These are created by the stronger party (having bargaining power) and are known as a type of “opt for it or do not” contract. The stronger party leaves the opposing party with the option of accepting or rejecting the contract.

(II) Aleatory Contracts: These include a mutual agreement that is implemented after an unforeseen occurrence, accident, or natural calamity. Aleatory contracts pose small risks to both parties. Ex. Car Insurance, Fire Insurance, Etc.

(III) Bilateral and Unilateral Contracts:

Bilateral Contracts:

• Involves 2 parties.
• Called two-sided contracts.
• Involves mutual promises between both parties.
• Both parties have an obligation to each other.

Unilateral Contracts:

• Just one party makes a promise.
• Consists of an offeror (making the promise) and an offeree (receiving the offer).
• The offeror is legally bound to fulfill their promise.
• The offeree is not obligated to do anything unless they accept the offer by performing the requested action.

(IV) Express Contracts: In these contracts, the conditions are stated explicitly, either verbally or in written documentation.

(V) Implied Contracts: These contracts do not have any oral or written terms and are assumed based on the circumstances or actions of the parties. For example, when a patient visits a medical expert, he expects to be diagnosed, advised, and/or treated for an ailment. It is an implied contract, wherein the patient can sue the medical expert for malpractice.

(VI) Void and Voidable Contracts: Void contracts have no legal status and are illegal from the start. Under no condition, can they be enforced under the law? In voidable contracts, one party is bound by it. The unbounded party has the choice of terminating the contract as it is not obligated to it.

How to Contact Corpsage Legal LLP?

To connect with us for contract management services for your business, follow any of the below-mentioned ways:

1. Email: Send us an email with your specific requirements for corpsagelegal@gmail.com
2. Mobile: Call us at (+91) 8383943889 or (+91) 8588998935
3. Online Form: Fill out the complete form available at https://corpsagelegal.com/contact/
4. Visit Us: You can visit us at our office in Sector 62, Noida, Uttar Pradesh, India.