Latest news with #contractmanagement
Yahoo
7 days ago
- Automotive
- Yahoo
SOFICO acquires UBench for undisclosed amount
SOFICO, a global provider of contract management software for automotive finance, leasing, and mobility companies, has announced the acquisition of UBench, a B2B SaaS provider of claims and damage management solutions, in a move to expand its capabilities across the vehicle lifecycle. The acquisition, described in a company press release as a 'strategic' move, is expected to bolster SOFICO's footprint in the fleet and mobility market by integrating UBench's expertise in repair and claims management. Financial terms of the deal were not disclosed. UBench will continue to operate under its own brand within SOFICO, ensuring 'business continuity and product focus' while benefiting from the company's broader market presence. 'With UBench joining SOFICO, we are combining two platforms that complement each other perfectly,' said SOFICO CEO Gémar Hompes. He added that the companies share a mission to help mobility players 'optimise processes and deliver fully connected digital experiences across the vehicle lifecycle.' SOFICO's platform currently supports customers across the automotive finance and leasing journey, from contract ideation to remarketing. UBench, meanwhile, brings expertise in the claims and repair segment, offering tools that reduce complexity and improve efficiency. The companies already share several clients in Europe, including VW Financial Services, BMW Financial Services, Alphabet, and Ayvens. Manuel Medinger, CEO of UBench, described the acquisition as 'a purposeful alignment of vision, values, and expertise,' noting that SOFICO shares UBench's 'customer focus, pragmatism, and long-term thinking.' UBench was previously acquired by BASF in 2019, which helped strengthen the platform's market position through its aftermarket expertise. Chris Titmarsh, Senior Vice President at BASF Coatings, called SOFICO 'the ideal partner' to drive UBench's continued growth. 'We are proud of what we have developed at UBench… and we are looking forward to seeing the platform flourish at SOFICO,' Titmarsh said in the release. The deal comes amid increasing pressure on European fleet operators and leasing firms to digitalise operations and comply with new regulations in areas like electrification, ADAS technology, and data security. SOFICO and UBench say the combination of their technologies will offer customers end-to-end visibility, automation, and integration across the vehicle lifecycle, responding to industry demands for more connected ecosystems and best-of-breed solutions. "SOFICO acquires UBench for undisclosed amount" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
30-06-2025
- Business
- Entrepreneur
What You Need to Know Before You Sign Another Contract
From managing risk to maximizing revenue, standardized sales contracts are a strategic tool that helps create efficiencies and collaboration between sales and legal departments. Opinions expressed by Entrepreneur contributors are their own. For growing companies, especially those navigating long-term service contracts, standardized sales contracts are more than paperwork ... they're a strategic tool for managing risk and maximizing revenue. Yet many organizations still suffer from costly inconsistencies, miscommunication between teams and untracked contract terms that result in lost income and avoidable legal exposure. Gone are the days of contracts scribbled on napkins. Modern contract management relies on formal processes and documentation. Here are some insights for a proactive approach to contract standardization, starting with bridging the gap between the sales and legal teams. Related: 5 Simple, Proven Ways to Improve Contract Management 1. Contracts are risk management and revenue tools At their core, contracts are commitments. That means they're just as much about risk management as they are about revenue generation. If your sales team over-promises — perhaps offering more services than your team can deliver or ignoring necessary protections like indemnification clauses — they could expose your business to legal liability or reputational harm. On the revenue side, failing to include pricing escalators in multi-year contracts or not tracking tiered pricing models accurately can leave serious money on the table. In my experience, a contract without proper safeguards and missing price escalators is a legal minefield fraught with exposure for an entire organization from sales to legal operations. Key takeaway: You must know what's in the contract and ensure the whole organization knows it, too. 2. Cross-team visibility prevents pitfalls One of the biggest pain points in many organizations is a lack of inter-departmental communication. The sales team might know a contract was signed, but legal, finance or operations may not understand the terms the sales team and client agreed to. Without standardized language and a clear handoff process, your business risks: Missed automatic price increases Non-compliance with service level agreements Poor customer experience due to internal misalignment Best practice: Make the contract visible and actionable across departments, not just sales and legal, but also finance, customer success and operations. 3. Technology enables contract lifecycle management (CLM) Platforms like Salesforce, when integrated with CLM tools, can streamline contract creation, negotiation, approval and execution. With the right setup: Salespeople can pull up the most up-to-date, approved templates Any clause edits or exceptions trigger automatic notifications to legal for review and approval Clause libraries ensure that common provisions, like indemnification, are standardized Legal doesn't need to review every deal from scratch This reduces friction for sales reps eager to close a deal while ensuring legal safeguards for the organization at large remain intact. Related: 6 Mistakes to Avoid When Creating Client Contracts 4. Create incentives for legal-sales collaboration Salespeople's primary function within an organization is to generate revenue and drive business growth, but that shouldn't come at the expense of your company's legal position. By incentivizing collaboration with legal, you can turn contract compliance into a shared goal. Ideas to consider: Tie part of commissions to contract accuracy and compliance with certain legal mandates. Provide legal-approved "talking points" to the sales team to address clients' questions or attempts to negotiate key provisions. Offer training so the salesperson or team understands the rationale behind key clauses (e.g., indemnification from all but gross negligence) Ensure accessibility of legal team to provide timely support to sales team. This builds a culture of shared accountability, rather than bottlenecks or blame. 5. Give your team the right language Legal teams can empower sales by equipping them with scripts and tools to handle tough conversations. For example, if a client's attorney wants to revise an indemnity clause, sales should be prepared with: A clear explanation of why the clause exists A summary of what flexibility, if any, is allowed Guidance on when to escalate to legal Idea: Require your legal department to create standardized messaging for sales reps so they can confidently represent the organization's position without overstepping. Related: Do You Know Where Your Contracts Are Standardizing contracts isn't just about reducing paperwork; it's about creating sustainable growth. When contracts are uniform, enforceable and visible across your organization, you're better positioned to avoid risk, capture full revenue and scale smoothly. If you're still relying on ad hoc contract editing and siloed communication, it's time to rethink the process. The return on investment for collaboration between sales and legal isn't just compliance; it's peace of mind and profit.
BBC News
07-06-2025
- Sport
- BBC News
Swans aim to avoid another Darling situation
Director of football Richard Montague says Swansea City will attempt to avoid another Harry Darling situation in the future by ensuring the club's key players do not run down their Darling is attracting interest from a host of Championship clubs this summer, partly because he is available on a free tried to persuade Darling to sign a new deal – and their offer remains on the table – but former boss Luke Williams suggested the club should have made an earlier attempt to tie the former MK Dons player is not the first Swansea player in recent seasons to see his contract come to an end – and Montague accepts the club must look to avoid similar scenarios in the future."We want to keep our best players and we don't want to get in the situation where those players can do what Harry has been able to do, which is brilliant for Harry but less good for us as a club," he said. "We want to avoid that as much as possible. That is going to be a key focus going forward, either deciding on when is the right time to cash in on an asset and when is the right time to extend someone's contract, either to grow with us or become an even stronger asset for us."I can understand why situations develop but we have to do our best to try to avoid them."Josh Tymon and Josh Key were two of Swansea's star performers in 2024-25 and are among the club's most saleable two full-backs see their current deals expire next summer, although there club have the option of extending both those contracts by a further 12 asked whether Tymon and Key's contract situations should be addressed sooner rather than later, Montague added: "We will absolutely be talking to those guys as the season begins, in pre-season as well, but we haven't had any conversations yet."
Yahoo
30-05-2025
- Business
- Yahoo
Contract Law Update - The Latest Case Law In Practice (Online Course: July 25, 2025)
Reduce Your Contract Risk Profile and Tighten Up Your Contract Clauses Dublin, May 30, 2025 (GLOBE NEWSWIRE) -- The "Contract Law Update - The Latest Case Law In Practice Training Course" has been added to offering. This highly interactive course covers all the latest developments in contract law. It develops practical points from the cases from the last 18 months, and explains their relevance through practical drafting examples and discussions. This intensive programme will ensure delegates are aware of all the main issues relevant to contracts, their formation, operation and termination. Whether supplying or buying goods, services or intellectual property, all those involved with contracts will gain the necessary latest knowledge of the law needed in this field. Benefits of Attending Learn about the latest case law relating to contracts Examine the impact the latest case law has on your contracts Understand how to use this information in practice Get to grips with contract interpretation and implied terms Reduce your contract risk profile and tighten up your contract clauses Certification CPD: 6 hours for your records Certificate of completion Who Should Attend? In-house lawyers Private practice lawyers Contract managers and professionals Paralegals and trainee solicitors Business development managers Procurement managers Purchasing managers Others whose work regularly brings them into contact with contracts Key Topics Covered Introduction Formation of a contract Offers or ITTs Parties Burying onerous terms and incorporation Deeds gone wrong Interpretation and implied terms How to interpret a contract Which terms can be implied and in what circumstances? Good faith and discretion The status of good faith in English Law When can a decision be attached for being capricious? Guarantees and indemnities Primary guarantees 'on demand' Secondary obligations to perform or to pay 6 types of indemnities Obligations and endeavours Innominate, warranty or a condition - how do you tell? New tests for reasonable endeavours Breach of contract and damages The difference between repudiatory and material breach How to handle non-performance Liquidated damages or penalties? Other remedies Failure of basis and abandonment Misrepresentation Unjust enrichment and duress Limitation of liability Drafting exclusion clauses that work Latest guidance on reasonableness Boilerplates Force majeure - Covid and Ukraine The entire agreement clause Dispute resolution and variations Smart contracts Contracting in natural language or code? SpeakerHelen Swaffield Barrister in Commercial and Public Law Helen Swaffield is a practising Barrister with over 25 years' experience in Commercial and Public Law including commercial contracts and regulation, EU Law, international outsourcing and procurement, competition, franchising, supply and distribution and IPR. Helen appears in the High Court, Commercial Court and Technology and Construction Court as well as commercial arbitrations and adjudications. Helen has a French Law accreditation and has a diploma in EU Law from the University of Strasbourg. Having worked at both the EU Commission and the EU Court, she speaks French and reads Spanish. Helen has drafted commercial, public and health sector contracts and has developed precedents and templates for industry use. She is regularly consulted to mitigate business risks and resolve claims and other disputes before litigation. Helen is the editor of and contributor to the Commercial Litigation Journal and the Procurement and Outsourcing more information about this training visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
