Discuss the different types of document management systems used for maintaining contract documents. How does compliance with legal requirements impact contract management, and what are the key laws governing contract doc

Types of Maintaining Contract Documents Document management is the process of sourcing, organizing, storing, and analyzing documents. When it comes to document management, there are two main types of systems: (a) manual and (b) electronic. (a) A manual document management system (DMS) is controlled by humans. This could involve a physical filing system where employees manually file documents or an online system where employees enter data into a database. (b) An electronic document management system (EDMS), on the other hand, is a system that is controlled by computers. This could involve an online system where employees access files remotely or an offline system where employees download files to their computers. Compliance with Laws It is a well settled principle of law that no contract between the parties can oust the application of law. In short, every contract is subject to applicable laws and parties to the contract are bound to comply with the laws applicable on them as well as on transaction. In almost all the contracts, there is a clause confirming compliance with laws. Key Laws governing contract documentation in India The laws which are generally required to be complied includes the following: Indian Contract Act, 1872 Indian Stamp Act, 1899 Registration Act, 1908 However, in specific case the following laws inter alia are also required to be complied with: Powers-of Attorney Act, 1882 Sale of Goods Act, 1930 Transfer of Property Act, 1882 Arbitration and Conciliation Act, 1996 Specific Relief Act, 1973 However, this list is not exhaustive. Many other laws may also be applicable along with the Law of Contracts.