5-27-2016 | by Ben Fleshman
The media and entertainment industries come with a unique set of challenges when dealing with contract management. Contracts can include dates anywhere from a single day, such as might be used when bringing on an actor for a single commercial, to multi-year agreements, such as an agreement to do a T.V. show that spans several years. Every type of agreement needs to be clear, precise, and accurate in order to bring about the desired result.
Juggling each of these different types of contracts around your company can be a hefty task, especially considering that each contract should also be properly suited to the situation. Managing these contracts effectively is an important task, and the best way to increase efficiency in your contract management is by using a cloud-based contract lifecycle management (CLM) software system.
Improve your contract control over the following types of clauses and contracts used in the media and entertainment industries by managing them in the cloud.
No matter the type of contract that is used, there is typically a clause stating who owns the publishing rights, potential royalties, and the piece as a whole. These clauses are used most often when contracting with written content providers, script writers, video producers, publications, and advertising agencies.
Such agreements require an increased level of visibility and accountability. Deadlines, reminders, contract expiration and renewal dates, and any other terms of the contract must be monitored closely for precise compliance.
Cloud-based contract management systems increase visibility in the contract lifecycle. They allow you to draft contracts, collaborate with others, and set email alerts to remind you of deadlines, payment dates, and any other reminder that you might need.
A common contract for media producers is a freelancer contract, or an independent contractor agreement. Freelance writers, videographers, musicians, and various other entertainers are often brought on to help with a single project, and then released back into the wild.
Media companies need to be able to manage dozens of freelance contracts simultaneously, facing the same problems of managing deadlines, dates, and terms, but with the added difficulty of multiplying the need by however many active contracts they have. Companies should also be able to renew easily.
Cloud-based contract management systems allow you to manage deadlines for multiple contracts at a time. All contracts are stored in a central document repository, making them easy to access. Because they are online, renewal is also a cinch. Rather than redrafting an entirely new contract, simply click “renew” or use a saved template to generate a new contract, should you wish to bring a freelancer back on board your team.
If it weren’t difficult enough to deal with contracts within a single country, consider transferring data across international lines. Media companies, particularly news agencies and those in the film industry, constantly transfer content internationally. They will often employ foreigners to do the work in different countries, meaning that their contracts must comply with international law. This makes it imperative that media companies monitor closely to see that regulations are being met perfectly.
CLM Software makes international collaboration simple and easy. It’s all done online, even the signature, so there is no need to fly all over the place or waste time in transit. Most countries accept electronic signatures as legally valid, so contracting internationally isn’t an issue.
Analytics can be a wonderfully useful tool in an international situation. Monitoring spending, compliance, revenue, and regulations can be done by an administrator from anywhere in the world. Compliance increases, and the chances of infractions overseas decreases, when using CLM software.
The media industry thrives on the use of technology, particularly newer media, such as social media. Technology comes with various types of contracts, however, each of which has its own set of terms and conditions. Each of these varying contracts comes with expiration dates, renewal dates, payment cycles, and a whole host of other things.
As difficult as these agreements can be, managing multiple contracts and clauses at a time has never been easier. Because of CLM software, companies with large amounts of contracts can decrease errors while simultaneously increasing their efficiency, visibility, and compliance.