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In insurance, the selling of policies to other entities is reinsurance. Reinsurance is insurance for insurers or stop-loss insurance for these providers. Through this process, a company may spread the risk of underwriting policies by assigning them to other insurance companies. The primary company, who originally wrote the policy, is the ceding company. The second company, who assumes the risk, is the reinsurer. The reinsurer receives a prorated share of the premiums. They will either take on a percentage of the claim losses or take on losses above a specific amount.

In lending, a bank issuing a mortgage becomes a contract holder, exchanging the cash necessary to purchase real estate in exchange for a collateralized loan. The contractual terms of the loan, such as the interest rate, payment schedule, and final repayment due date, describe the benefits owed to the contract holder. Banks often resell loan contracts on a secondary market, in which case the purchaser of the contract becomes the contract holder.

In finance, the buyer of a security can be a contract holder. The buyer of a bond is contractually owed a specified payment on the principle and interest of the bond. Owners of stocks , options , warrants , and futures contracts are similar to the holders of insurance and loan contracts, except that they are entitled to some type of ownership share or the option or obligation to engage in a purchase or sale, rather than a specified amount of money.

In the context of insurance, contract holders exchange premiums for contractually obligated benefits. Any individual or group that purchases insurance would be considered the contract holder. The terms of a contract govern the conditions under which the contract holder receives benefits. If the contract holder breaks one or more provisions or terms of the contract agreement, they may forfeit some or all of their benefits.

For example, a contract of an automobile insurance policy must abide by many provisions contained in the insurance policy to collect on claims. Policies typically give insurers recourse to deny claims if insured parties make substantive misrepresentations or conceal essential information when they apply for coverage.

If an applicant for an automobile insurance policy failed to mention that they had a child of driving age living in the household, the insurance company could legally void their rights as a contract holder if the child got into an accident. Insurance companies will void or limit benefits in cases of concealment or misrepresentation. Misrepresentation involves actively providing incorrect information to an insurance agent when purchasing a policy, while concealment technically consists of neglecting to provide information that would change the terms of the policy.

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Your Money. Personal Finance. Both parties should only ensure that they have good intentions towards both parties as well as to other third parties that will read the contract. You should also be able to alter any cross-references in case there is a need to do so. The easiest way to make changes to your contract online is through Contract management software. The latter helps with the stages involved in the creation of contracts. It also helps to track all the changes to a contract during its whole lifecycle.

Amendments to a contract are includes among the changes. Not only will the software help you make the changes, they will also help you keep track of them. Some software have features that will allow you to manipulate contracts and upload renewal templates to your database in real time. With such software, you will not need to start from scratch as you only need to attach the updated sections to the existing contract. A version control number is then assigned to your transaction.

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You can add more team members while updating legal departments at the same time. Daily workflows are also made easier with the contract amendment and renewal phase. In the businesses world, if you do not meet a deadline you get a penalty especially if you fail to meet the set terms and conditions. You will not have to suffer with all these if you have good contract management software that will alert you when you have to renew your contract.

Software make everything easier because they track amendments on the renewals and on the main document. The amendments are also tracked and kept in a centralized portal with the same process of approval as the first contract. Some businesses transactions will call for keeping track of the renewals, amendments as well as associated audit trails. If you do all these manually, you will lose many hours as you turn file servers upside down, check e-mails thoroughly and scatter notebooks everywhere. Not having a proper system of piecing together the workflow of your contracts can make your company lose sight of its contacts and attract heavy penalties.

Contract management Software will make everything easier for you with its tracking abilities especially for renewals. Contract management software can allow you to create a fresh amendment or retrieve an existing but pending modifications for additional editing. You can do this using some features on the software. In amendment processing, you can make edits and these include activating all the pending contract lines, changing the amounts on the active contract lines and cancelling active contract lines.

You can change the negotiated amount on the contract as well. You can make any of the above changes as long as the amendment is still in its pending status. It is also possible to save the contract amendments in different amendment tables and assign them different numbers. It will update the amount fields whenever you make any changes to the amended amount.

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  4. Big companies often deal with large volumes of contracts which means they may have to deal with different contracts that require amendments. The best ting about contract management systems is that they can allow the processing of an individual contract or a person can process several amendments at the same time. This is definitely a time saver for people who may need to implement the contracts as soon as possible. When contract lines have associated billing plans that are in progress, you cannot amend or cancel the contract line until the billing plan is completed.

    When contract lines have associated revenue plans in progress, you cannot cancel or amend contract lines. When contract lines have associated billing plans in progress and associated revenue plans that are also in progress, you cannot cancel or amend the contract lines as well until the billing plans get completed.

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    On the other hand, when contract lines have an associated billing plans that are not yet in progress or are already completed and revenue plans that are in progress, you can amend or cancel the contract lines. There are very many contract management solutions in the market tailored in different ways but all geared towards making the whole process of contract management easier.

    You can achieve controllable and automated contract management with purpose-built contract management solutions. There are very many solutions in the market today that can confuse a novice buyer. The goal is to get a solution that will meet all your needs. The first step to choosing a good vendor in relation to contract management system is sitting down and coming up with a list of expectations for your solution.

    As you make the list of all your expectations, you should also have in mind the new solution and other business processes of the organization. Such processes include Human resources management, Procurement and so on.

    What needs to be included in the contract?

    It is also advisable to choose a reliable supplier. You do not want to buy from a vendor who is in the market today but missing the next day. If they are reliable it means that you can get help whenever you need and in case of updates, you will be able to get it. When you want to choose a contract management system for your amendments, You can choose the simplified method or the consistent method.

    The former method is where you will only give the client generic expectations for your contract management solution. Among the requirements found in the simplified method is that the solution should make it easier and quicker for you to get the document you need. You should also have full access to all the information that you need.

    There should also be safe and structured completion of the information. The version of the documents should also be up-to-date. Most company owners will ask for remote access to their contracts as well. The solution should also be able to generate reports on the contracts. There should also be improved compliance with the contractual provisions. Most processes in companies are slowed down by lack of efficiency.

    It is only natural that most companies will be on the lookout for a solution that promised them higher efficiency in their organisation. A good solution should also offer simplified cooperation. In most cases, people will be looking for quick and transparent electronic approval process for their organisation.

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    The above requirements for contract management systems work well for most organisations. There are however, times when a client may face much abstraction with the method that could leave room for interpretation. This, therefore, means that you may end up with a solution that will not work for you. If the simplified method does not work for you then you can choose the consistent method below. Sysintellects All Rights Reserved. Toggle navigation. Contract Amendment Why Contract Amendments are important?

    What is Contract Amendment? The only constant thing in life is change and contracts are not spared of this as well. Contracts are legally binding documents between two or more parties. It is a document that outlines the benefits and duties that each party should undertake.