How Contract Management Software is Solving the eSports Contract Crisis
One of the innovative ways the eSports industry is managing the contract crisis is by using contract management software. These are tools that provide a digital platform where the different stakeholders can manage the entire contract lifecycle efficiently, and importantly, collaborate remotely.
The eSports Contract Crisis
For many eSports teams, one of the biggest challenges is managing contractual agreements. The eSports ecosystem is characterized by many contracts involving the videogame publishers, tournament organizers, sponsors, broadcasters, teams, eSports players, and many other stakeholders. Also, the industry is relatively new, with no framework. There are many aspects to be covered, including working hours, remuneration and bonuses, sponsorship requirements, holiday and sickness information, and how potential tournament winnings are shared.
We have seen eSports stakeholders having serious contract disagreements in the recent past, some ending up in legal battles. But with the coming of high-tech contract management software, the end of the eSports contract crisis is nigh.
Contract Management Made Easier
You will agree with me that managing contracts is not an easy task. Those involved need to craft different contractual agreements that leave no gray areas. With contract management tools, you don’t need to have a legal background to draft contracts that bind. With the use of intelligent technology, this software is revolutionizing the entire process.
The fact that they are online-based makes it possible for the involved parties to get into legally binding contracts online. This is fundamental in an industry where the involved parties may be in different parts of the world. As you may be aware, some eSports teams have remote players. With the looming lockdowns and containment measures, physical contract meetings are not an option.
Online contract management solutions also allow for seamless collaboration. All the involved parties can see and interrogate every stage and step of the contract lifecycle at any time. Interestingly, some advanced contract management software has e-Signatures. This feature facilitates the fast and easy signing of contracts online.
For many upcoming eSports teams, hiring legal teams may be a substantial financial burden. But with digital contracting tools, the management team can handle all contractual agreements the easy way. These tools automate manual tasks, giving the eSports management teams more time to focus more on other essential aspects of the business.