If we look behind the tick-box approach to collateral warranties, do we need to think again about taking a process approach to these largely ineffective agreements? Purpose of a warranty The core purpose of a warranty is to create an additional contractual link, providing a smooth avenue for a stakeholder
Contracting needs to be customer-centric, technology-friendly and process-conscious to succeed in the current tech age. Customer-centric Customer-centric contracts are ones which are simple to read, understand and use, and provided as part of a simple, clear process to convert a prospect into a raving fan! We all know the frustrations
Studies estimate that the vast majority – 70% – of friction points occur before your contract is signed (Deloitte article)… assuming it is ever signed! Why does this matter? It means a company is losing money, losing customers, and burdened with unnecessary admin during the contracting process. Streamlining contracting can
What do you think the next decade holds in terms of how we write, create, review, negotiate and sign business deals (or contracts)? In my 2020 survey, the three most likely items to impact contracting as a process were: Machine learning (ML) ie giving computers ‘the ability to learn without
Do we set small comfortable objectives in relation to our contracting process and then execute them in a small way? Are you more excited by contract evolution than contract revolution? If you want to stay small, or avoid failure, then don’t start a contract lifecycle management (CLM) process. But if
Although I am a fervent advocate for simpler contracts [see better contracts by design, or steps to simplification], for many businesses a simple document in MS Word is no longer enough. In 2017, I helped The Federation of Master Builders move from complex text documents to adobe forms (an editable
On the front flap of A New Approach to the Standard Form of Building Contract (which refers to the 1963 RIBA form), the publishers say: By the nature of its legal terminology and complex provisions, [the form] is extremely difficult to apply in everyday practice without constant advice The book
As you know, I believe one of the key things missing from contractual relationships is trust. The prevailing view is that smart contracts will assist with that. But is that really true? Trust in digital In my digital-first survey, trust with contracting partners was most closely associated with companies the
Building information modelling is often referred to as better information management. Even before we were regularly using BIM and the technology that enables the data sharing and processes, there were projects from which we could have learnt. Although I am no designer, this post merely passes on some tips from
At the 2017 CoMIT conference, I proposed that the three barriers to moving towards digital contracts were technology, language and conduct. Unsurprisingly for an audience attending a conference on the construction opportunities for mobile IT, 75% said technology would be the first barrier to digital contracts that we successfully remove
© 2023 500 Words Ltd. All rights reserved
500 Words Ltd (8893252) r/o Ash Cottage, Hawthorn Lane, Wilmslow SK9 5DG