Top Ways Contract Management Software Helps to Mitigate Contract Risk

Published on: 22 October 2021 Last Updated on: 17 January 2025

Companies often have to deal with more contracts as they grow. This is a sign of a growth plan, but it can also be a problem if it doesn’t manage its contracts. Additional contracts can be a sign of weaknesses in the company’s contract management system.

While some issues may be minor incontinences, others can lead to major problems. It can take a crisis to make executives realize the dangers of not having a contract management system. Failure to comply, missing deadlines, ineffective reports, poor access control, and inefficient approval workflows could have devastating consequences. Substandard CLM can also cause a gradual but steady decline in profitability.

By implementing good contract management practices and online contract management software, a company can be more secure through better risk management.

With Alerts and Notifications, You Can Eliminate Missed Milestones and Obligations

Financial consequences can be severe if you miss automatic renewals or activate conditions by meeting certain milestones. The CLM software makes it easy to avoid them. To stay on top, you can set up automated alerts, tasks, and reminders linked to your contract data record.

This is a great example of how contract management software can help mitigate risk. You no longer need to track dates manually. Besides, you have the benefit that you can keep an archived history for audit purposes.

Automated CLM Workflows

You increase the likelihood of discrepancies and inaccuracies by not knowing where a contract is at any point in its lifecycle. Small mistakes can have a significant impact on your business and reputation. You can provide superior products and services to your clients if you are aware of all contract processes.

Automated contract lifecycle workflows allow for transparency, visibility, control, and accountability. Automated workflow automation makes it easy to keep all parties informed with contract risk management tools. This provides for handoffs, action steps, and collaboration.

Use Encryption to Protect Your Contract Data

Encrypting all documents is another way to protect your contracts against unauthorized access, especially from outsiders. The best contract management software uses the most recent encryption standards to encrypt information in transit and at rest.

Any data stored in your contract management software is considered data at rest. Data in transit is any data sent from or from your contract management software to another application or user.

Filtered and Customizable Search Features

It is crucial to have a searchable and organized contract repository to reduce risk. Functional search tools can be used to locate the information you need so that you can make sure your company is compliant with all contracts. This helps reduce and mitigate contract risk.

You can use your contract repository to refer to past contracts to help you draft and select terms for new contracts. You can use an easy-to-use search feature to perform filtered searches and find similar contracts and documents. This will help you in drafting new relevant contracts. You can lower risk by having more resources for contract building.

Increase Compliance with Clause and Template Libraries

Non-compliance is one of the greatest contract risk factors. One of the main reasons for non-compliance is the use of incorrect language in contracts. Contract management software allows you to create clause and template libraries, ensuring that everyone who is creating contracts uses the most current preapproved language from the legal team.

This reduces the risk of contract infringement if language isn’t properly vetted. It is also possible to use your business rules to determine which clauses or templates you should use in specific situations, such as when to include a cyber security clause.

It Is Possible to Increase Collaboration While Managing Risk

You can automate workflows to improve communication during both the approval and negotiation steps. The integration of various features such as redlining, “@,” mentions, Email Integration, and many others in one place can make it easy for multiple parties or people to collaborate.

This makes it much easier and faster to navigate through the various stages of the contract lifecycle. Automated workflows make it easier for cross-department collaboration and communication. Risk mitigation is made more accessible by the technology’s ability to offer real-time versions of documents with the latest iterations.

Secure Approvals with E-Signatures

Electronic signatures allow documents to be signed quicker and more securely than paper signatures. The 2002 ESIGN Act has made them legally binding for more than 16 years. E-signatures provide a digital record of who, when, and where a document is signed.

This helps to verify authentication and aid in audit trails. E-signatures reduce contract risk by prohibiting tampering in contract approvals. They also prevent the possibility that a contract’s hard copy might be lost. E-signatures also make contract approval easier by allowing for mobility. Contracts can be signed from anywhere, on any device.

Final Words

The three critical steps to contract risk management are: assess, identify, and mitigate. Contract management software can help but also play a significant role in this effort. There are always risks associated with any contract. This is why it is crucial to have good contract management practices as a cornerstone in any risk management program.

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Best Practices For Visual Regression Testing On Cloud

Visual regression testing is the software testing process that is used to test your software application by visually finding any error or malfunctioning in the user experience. Visual regression testing ensures that an application or website maintains its intended look and behavior. It confirms the absence of any unplanned alterations to its visual design or functionality. This procedure entails comparing a reference version of the application or website and its current version, aiming to identify any visual disparities. Visual regression testing in a Cloud-based platform is the latest trend in the field of software testing and automation testing. It has various advantages, such as it increases the testing scope, costs less, and it increases testing flexibility. In this article, you will see the concepts of visual regression testing on the cloud, best practices for it, and many such things. What is Visual Regression Testing Visual regression testing evaluates the impact of code changes on the user experience by comparing screenshots before and after execution. It's also recognized as visual snapshot tests or visual testing, and its primary objective is to uphold visual consistency following updates. The Function Of The Visual Regression Testing Visual testing validates the suitability of an application's user interface in terms of its visual attributes. This quality assurance process aims to confirm the accurate display of content and data on the application's front end. In case you're not acquainted with the concept of Regression testing, its purpose is to ensure that any modifications made to the software do not disrupt any previously functioning elements. In the context of visuals, this testing guarantees that alterations to the software do not lead to style-related problems. The true capability of visual regression testing can be leveraged with Cloud-based AI-powered test orchestration and execution platforms like LambdaTest. It allows the running of visual testing across a large farm of 3000+ real device and OS combinations. This helps to ensure cross platforms compatibility on the visual appearance and interface of the software applications. Features Offered By The Cloud-Based Ai-Powered Test Orchestration And Execution Platform - Lambdatest For Robust Visual Regression Testing Are As Follows: This section discusses the features which are offered by the test orchestration and the execution platform. Execute Selenium and Cypress tests across a range of programming languages, such as Java, NodeJS, C#, Python, and StoryBook. This empowers the delivery of flawlessly designed applications across almost any browser or device. Employ Mis-match Ignore feature of SmartUI's Status Bar so that you can tackle the complexities of visual differentiations. This capability allows testers to crop the status bar out from the screenshots. Leveraging the high-end technique of image processing, it accurately detects and eliminates the status bar. This facilitates the analysis of essential UI components with due focus. Effortlessly install, set up, and execute the LambdaTest NPM package. This enables the direct implementation of the JS scriptsStorybook via our NPM CLI. Conduct regression testing, the visual ones for your mobile apps on genuine devices. Assure visual uniformity with precise pixel-to-pixel comparisons against your reference point, encompassing various screen sizes, resolutions, and layouts. Best Practices for Visual Regression Testing on Cloud Let us see the practices a tester must follow while performing visual regression testing on a cloud-based platform like LambdaTest. Following these practices during the test automation will make your software application visually more powerful and efficient. 1. Tool Selection: Choosing the appropriate tool to perform visual regression testing on the LambdaTest is one of the most important and essential steps in moving ahead of the testing process. Various parameters should be kept in mind during the tool selection for testing automation, such as the software type, compatibility aspects, resolution, etc. LambdaTest integrates with various tools like Selenium, Cypress, Playwright, and others, using which you can perform visual regression testing. 2. Consistent Environment: Never forget to create a conducive setup that will facilitate cloud-based visual regression testing. The interface provided by using these environments allows you to examine the visual outcomes and input received during the testing process. The testing team has the ability to pause the visual regression testing procedure and make the necessary corrections. The team conducting the testing should also maintain resource isolation for the environment. It aids in preventing any type of intervention during automation testing, which increases the effectiveness and productivity of cloud-based visual regression testing. 3. Isolation And External Factors: Remember that the isolated environment should not be affected by any external factors. They include network latency or fluctuations, system updates, or background processes running on the testing machine. These factors may lead to visual error and malfunctioning of the software application. External influences can potentially introduce visual errors and cause malfunctions in the software application. Ensuring a controlled environment by addressing the factors safeguards the accuracy of the testing results. All the screenshots and visual reports of the testing process will be saved in that specific folder. This will help to perform visual comparisons effectively. 4. Scriptless Test Cases Visual regression testing on the cloud platform using scriptless test cases is the best approach. Since numerous cloud-based AI tools are available, test automation can be utilized to develop test cases simultaneously. It is because the testing scope of a programmed test case is limited. But using AI technologies offered by LambdaTest for test case design opens up possibilities for the testing team to consistently cover the testing scope. It will perform visual testing against some test cases, and again, it will recreate the test cases according to the previous result and analysis. This practice will bring the best visual result for your software application. 5. Documentation Of Visual Test Cases Documentation is a very effective and important practice in any software testing process. In visual regression testing, you need to test and verify the components visually, and here it is important to mark down your observations, bugs, and analysis and work on them accordingly. For your visual regression tests performed in LambdaTest, you should create clear and succinct test cases and descriptions. You should also include comments or annotations to describe the aim and scope of your baselines and screenshots. Additionally, you should preserve and maintain your screenshots and baselines using a version control system or a cloud-based service. Sharing and communicating with the client will help you understand their demand and make the best possible result. 6. Updating The Baseline Updating the baseline is a very crucial step in the visual regression testing process when performed in LambdaTest. It consists of the practice of taking the feedback result and analyzing them. If the result is considerable, you can approve this update in the baseline. And if you think that it is not worth consideration, you can simply reject them. But you need to mention all these in the baseline. It is because this will help you in the future because you can see all your testing logs in the baseline. Mention the changes that were done intentionally, their reasons, and such things. It will also help all the team members have an overview of the changes that are going on in the software testing process. 6. Optimize Testing Coverage And Scope Always remember to prioritize the testing scope for each component, specifically when executing visual regression testing in cloud platforms like LambdaTest. The high-priority components must be paid more attention, and they should be executed with high precision. Use the concept of full-page and component-based screenshots to compare the changes visually by the testing team. Using this practice in visual regression testing will help achieve a better UI experience and enhance the testing results. You can use some advanced features like custom attributes. These attributes help find the elements separately during visual regression testing. Also, you can use the trigger events and DOM concept. These will help to perform the screenshot comparison effectively. 7. Performing Parallel Testing Apart from this, you can leverage parallel test execution in performing visual regression testing in LambdaTest. Executing parallel testing is what makes visual regression testing productive and effective, though, along with those other factors. 8. Learn From Failure It is the final practice that all testers must follow to perform visual regression testing on the cloud and during test automation. Learn from your previous failure. Document the mistakes that you have made previously. Write down the tool feedback and in which specific tool you got some issues performing the testing process. And learn from these highlights. Make your testing goal and work on your failures. This will bring the best result for your software application. Also, it will help in the overall development of the organization as well as the individual tester. You should follow These best practices while performing visual regression testing on the cloud. Conclusion Visual regression testing is mainly used to find any kind of visual malfunctioning and errors in the software. Visual inconsistency is one of the major reasons that lead to decreased number of users of a product. Some of the best practices that every testing team should follow to perform visual regression testing using the cloud are the selection of appropriate tools, using documentation, using AI-based test cases, etc. Various tools can be used to automate testing and perform visual regression testing on the cloud, such as LambdaTest. Hope you get an understanding of the best practices for visual regression testing using the cloud and their various aspects after reading this article. Read Also: Benefits of Cloud-Based Quality Management Systems Mobile Testing With Appium On Lambdatest The Best WordPress Plugins For Marketers

Top 7 Sites Like Humble Bundle in 2021 [Full Review]

If you are a sassy gaming person, you already know just how costly it is to create a library of your favorite games. Games are something that takes you out from the real world to the virtual world where you can control everything. Thanks to sites like humble Bundle, games have become cheaper. No matter which games you are looking for, there is always a chance that you find a good deal on a humble bundle. Humble Bundle is one of the best websites to get tempting deals on new games. Recently, humble bumble has added the Nintendo switch to its catalog, further extending the library database. As a customer, you can even offer your price to buy the games on the Humble Bundle. Humble Bundle was not popular during its early years. It has just recently caught the public eye when it has started getting support from charities. Sites Like Humble Bundle in 2021 Humble Bundle has become a one-stop shop for every gamer to buy video games. However, what will happen if the humble Bundle ceases to exist? Are there any humble bundle alternatives in the market? Sure there. This is the main motive to write this article. Here we have enumerated some of the best humble bundle alternatives. 1. Fanatical Fanatical is one of the UK-based game-selling retailers. The website comes with easy-to-use interphase, and top seller and most downloads categorize all the games. There are subcategories under the main menu categories with the latest releases, sales, and discounted games. You can even navigate the titles based on the operating system. Fanatical is not only famous for gaming deals, but it is also popular for offering low-cost software, ebooks, and programming courses. With more than 6000 games to choose from and more than 1000 publishers, fanatical can be considered Humble Bundle sites. 2. Epic Bundle The epic Bundle can be considered one of the sites like Humble Bundle. It offers interesting deals on software applications, programs, ebooks, and games. The highlight of this website is that it has offered every day. So if you want to get the best offer on your favorite games, you might as well start checking this website daily. The epic Bundle works on the same principle of the fanatical. It takes game info from the published games and offers its audiences at a lower price. 3. Indie Gala Indie Gala is a site like Humble Bundle. We like the most about this website because it is easy to navigate, and you can decide how much to give to charities and developers. The sole purpose of this website is to support small developers and indie studios. Generally, the prices of the games are lower than the original price. However, if you are buying six or more games at the same time, you can get a discount of 95%. It also holds events for giveaways. There are always some offers or another daily. So, you might visit websites daily to have a look at the discount. And if you are lucky enough, you can even get some games for free. 4. Groupees Groupees have similar features as the humble Bundle. This website is supported by charities and collects donations to support the developers of the games. It has a huge collection of ebooks, programs, software applications, and games. Groupees can be considered a humble bundle alternative. The games are available at a huge discounted price on this platform. You will even be able to see some of the count-down timers for the limited discounts. If you can grab this offer, you will surely be profitable. The best part of the Groupees is that they have their community to talk with people with the same interest as yours. 5. Green Man Gaming When searching for the alternatives for Humble Bundle, Green Man Gaming is just way ahead of its time. You can even say that it is more advanced than the Humble Bundle. The website looks appealing to the visitor to how the games are categorized. It makes it easy for users to navigate and locate their favorite games. However, this site has features that stand out. Instead of offering bundle gaming offers, it offers individual games at a reasonable price. This website has a gaming community where you can discuss the games with other people. You can write and share your thoughts on a particular game or even read reviews about a game you plan to buy. 6. Good Old Games (GOG) Good Old Games is not like the usual site that can be considered an alternative for the humble Bundle. Instead of selling activation keys of the games of other platforms, it has its products. All the products are in the DLC-free downloadable option. There are a variety of games that you can select from. If you have no games in your mind, then you can select from the top list. Apart from the games, GOG also sells other media related to gaming. 7. GamersGate If you are looking for sites like humble Bundle then you can surely not miss GamerGate. It can be the best humble bundle alternative out of all the websites on the list. This website mostly focuses on individual games rather than bundle games. The Best part of this website is that it has a huge collection ranging from old games to the latest releases. With more than 6000 games in its gaming library, it offers some of the best discounts. Some of the discounts can even go as high as 90%. GamersGate is a client-free platform, which means you do not have to download any third-party software application to access this website. Conclusion We hope that we were able to provide you with some of the best humble bundle alternatives. These alternatives offer the same deals that you could have hoped from the Humble Bundle. Charities support these sites; hence, you will find an option to donate to the developers for their hard work. We all know that gaming is the best way to kill boredom but do not get carried away with gaming. Make sure that your normal life is not hampered unless you are a professional gamer. Read Also: 8 Surprising Ways Cloud Computing is Changing Education Solar Battery System Types – AC Vs DC-coupled Top 5 Customer Experience Podcasts How Many Jobs Are Available In Real Estate Investment Trusts?

How to Unlock HP Laptop if you Forgot Login password

HP is an American brand that has been supplying top-notch quality IT equipment since its initiation. It is one of those companies which continued to develop new machines by applying the state-of-the-art technologies. It has introduced many laptops till the date with plenty of new security features. Sometimes these security features cause troubles when the user forgets the login password. Of course, it is not easy to break in without entering the password. You might wonder how to unlock login password for Hp laptop, so here are a few methods you can try. Method 1: Using the setup disk on Hp Laptop You might have got a setup CD while you had bought that laptop. If your PC’s CD-ROM is not working, then you can prepare the setup disk with a USB drive. First, connect the USB drive or CD and then boot the laptop by using the installation disk. The Windows installing screen will pop-up very soon and then you have to press Shift+F10 to get the command prompt screen. Now you have to type two commands “c:\windows\system32\sethc.exe”, “c:\windows\system32\cmd.exe” and “c:\windows\system32\sethc.exe” and then press enter to run the command. Now remove the USB or installation disk and then reboot the PC by using wpeutil reboot command. Soon the login screen will pop up and now you have to press Shift five times constantly. The Command Prompt windows will get on the screen and now you can remove the old HP password and create a new one. Method 2: Reset Login Password for Hp Laptop with iSeepassword As a professional password cracking tool, iSeepassword is undoubtedly the most effective, It can help you break passwords of the locked Hp laptop in 10 minutes, And what you need to do is follow iSeepassword’s guide . Step 1: Click the download button to install it on another PC Step 2: Open iSeepassword tool on the PC and then click on Being burning to form a password reset disk with USB /DVD/CD. Step 3: Insert the password reset disk into the HP laptop, and restart your Hp laptop and as the HP logo comes on the screen, press F9 key continuously until your PC goes into the BIOS menu, You need to set the first boot option to USB /DVD / CD. Step 4: Boot Hp laptop from it, now the password reset program will pop up on the screen, so select the username and password that you want to reset, click Reset Password Button and reset your password to reuse your HP laptop. Method 3: Unlock Login Password with HP recovery manager HP understands that such tragic incidents can take place anytime. Therefore, it offers an HP recovery manager program to resolve the issues like the forgotten password. Follow the given steps if you have the HP Recovery Manager. Power off your PC and then turn it on after a few minutes. Press F11 time and again and then click on HP Recovery Manager. Let this program load and then select System Recovery. Now you will wait for a while until this program is installing all the required tools and removing the applied password. Restart your laptop and your job is done. But this method is a bit risky because all your data on the PC will get vanished. So, beware of the risk before trying this method. Conclusion: Method 1 and method 3 are obviously difficult Unless you're an expert. Otherwise, only method 2 (iSeepassword) will help you, Read More: Factory Refurbished Laptops: Why Would You Buy New? Everything You Need to Know About Portable Solar Power. Review of Free Data Recovery Wizard Based on Photo Recovery.

Top Ways Contract Management Software Helps to Mitigate Contract Risk

With Alerts and Notifications, You Can Eliminate Missed Milestones and Obligations

Automated CLM Workflows

Use Encryption to Protect Your Contract Data

Filtered and Customizable Search Features

Increase Compliance with Clause and Template Libraries

It Is Possible to Increase Collaboration While Managing Risk

Secure Approvals with E-Signatures

Final Words

How U.S.-Based Appointment Reminders Can Help Customers Keep Track of Their Schedule

Pros & Cons Of IoT

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

Best Practices For Visual Regression Testing On Cloud

Top 7 Sites Like Humble Bundle in 2021 [Full Review]

How to Unlock HP Laptop if you Forgot Login password

Top Ways Contract Management Software Helps to Mitigate Contract Risk

With Alerts and Notifications, You Can Eliminate Missed Milestones and Obligations

Automated CLM Workflows

Use Encryption to Protect Your Contract Data

Filtered and Customizable Search Features

Increase Compliance with Clause and Template Libraries

It Is Possible to Increase Collaboration While Managing Risk

Secure Approvals with E-Signatures

Final Words

Share this Article

How U.S.-Based Appointment Reminders Can Help Customers Keep Track of Their Schedule

Pros & Cons Of IoT

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

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