Construction Industry:
Every industry has a few difficulties which they have to overcome. It could be capital or investment or labor, marketing, cyber security and so on. One among them is legal compliance which causes a huge amount of loss for the proprietor in case of any non compliance. The Construction Industry is not an exception to it. To reduce the legal cost there is a need to have a check on the legal compliance. In the normal course of business, people enter into many agreements. A Construction Industry also enter into many contracts and agreements and there will be a high demand for contracts and they need to enter into contracts seamlessly without any mistakes or blunders such as the labor involved, quality of the product used in the construction, cost of material, date of delivery and so on to avoid legal consequences. In recent years, a software has been developed to have a check on the data and Contracts in one place.
Why does the Construction Industry need CLM?
In the realm of the Construction Industry, numerous parties are involved such as Builders, Contractors, Sub-Contractors, Vendors and so on. They engage in a number of agreements with these stakeholders. There could be chances to lose track of certain obligations, duties or timelines. In case of non-compliance of contract terms and conditions, the courts could lay a hefty amount of fine. In order to mitigate such risk and to have a timely completion of the project and obligations there is a need to have clearly defined terms & conditions and a tool to aid such things. This Zoho Contracts acts as a central repository and helps us to have a check on the contractual terms and conditions.
How could you manage Contracts using Zoho Contracts?
Due to the advancement of technology, individuals and businessmen prefer digital means of operation. All their transactions, services, support and help desk are converted into digital means. In order to get the contracts signed and executed in short time, the Contract Lifecycle Management tool helps. This Zoho Contracts acts as a central repository and helps us to have a track of all contracts which the individual has entered into. Zoho Contracts eliminates the need to have a separate storage for data.
While drafting a contract there is a need to look into various aspects of the contract. Firstly, they have to look into the Scope of Work, project timelines and in case of any changes to be made in the agreement or in the terms or service which they agreed to. There is a need to have a draft or a template ready to get into the business quicker. This Zoho Contracts has inbuilt default templates and could draft own Agreement templates, in order words we could customize according to our need.
What Zoho Contracts could do to the Construction Industry?
Streamlining the contracts helps in Business Development, it improves productivity and optimizes cost. Streamlining the contract they could get started on projects quicker.
Once a template is created it gets stored in the Contract Lifecycle Management tools and it helps us to enter into new contract easily.
It enhances efficiency and reduces operational risk. By streamlining the contract, it helps us to manage projects and get it done on time by digitizing.
It helps to automate payment processes and to deliver services and goods on time.
It helps to reduce disputes.
All the existing contracts are stored in one place which enables them to have a look into all the agreements that they have entered into.
