
Robert A. Marsico
Partner
201-896-7165 rmarsico@sh-law.comFirm Insights
Author: Robert A. Marsico
Date: May 21, 2015
Partner
201-896-7165 rmarsico@sh-law.comThe sheer increase in contract volume, as well as the diverse types of electronic and paper agreements, have made contract management even more important. However, studies suggest that many businesses may not be dedicating sufficient resources to managing their key agreements. In fact, a 2014 Huron Legal survey of 100 legal technology professionals revealed that 57 percent of respondents were concerned about their company’s existing contract management procedures.
The survey also found that many businesses are not taking the proper steps to monitor and update their contract forms and templates. Of those polled, only 58 percent reported that they review their standard contract terms and conditions at least once a year. Another 17 percent said they reviewed agreement forms every two years, and 13 percent said such review was undertaken only whenever a new client is signed.
Even more concerning, the Journal of Contract Management found that 71 percent of companies couldn’t find at least 10 percent of their contracts. Misplaced and outdated contracts can lead to serious legal concerns. Lost or out of date agreements can cost businesses money, from failing to collect payments when due to missing important renewal deadlines.
Given that state and federal legal regulations can change and impact a company’s legal obligations, it is also important to review the terms of all standard contracts to ensure that they are still legally compliant. For instance, New York employers should review their employment contracts to address recent changes to the state’s human rights law. In New Jersey, recent environmental rulings may change indemnification obligations set forth in your contracts.
For specific contract management tips, check out our prior post, “Do Your Business Contracts Need a Spring Cleaning?”
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
Author: Brian D. Spector
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Author: Kenneth C. Oh
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
Author: Matthew F. Mimnaugh
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Author: Jesse M. Dimitro
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!