Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

Negotiating SaaS Contracts: How AI Simplifies Digital Service Relations

April 13, 2021

Software-as-a-Service (SaaS) contracts reflect a new software licensing model where companies and individuals pay for software use over a set period. This type of arrangement allows software companies to generate ongoing revenue while providing the user with security updates and innovative new features. As a result, companies must update software agreements continually, as unoptimized contracts can lead to excess licenses with overlapping services, unmet customer needs, and unnecessary liabilities.

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5 Software License Models: Understanding the New Digital Economy

April 8, 2021

Not long ago, software license models had a single purpose: protect the source code. However, modern innovation has complicated that single-purpose approach. Today, many companies want users to share—and even modify—their software to enhance and improve the user’s experience. As a result, companies now utilize several different software license models. 

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What Is the Difference Between a EULA and a Software License Agreement?

April 6, 2021

The difference between an End User License Agreement (EULA) and a Software License Agreement (SLA) depends on intended usage. The EULA generally governs the continuous use of the software by a group of individuals. Meanwhile, an SLA targets a specific entity for a finite period. Of course, other nuances distinguish the agreements, but these are the two primary variances.

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Better than a Master Service Agreement Template: Bespoke MSAs Negotiated by AI

March 30, 2021

A Master Service Agreement (MSA) template can provide a solid foundation for establishing a business arrangement, but relying solely on a third-party template is risky. Since the MSA will determine all future work standards, tailoring the third-party agreement to conform to your specific business situation is imperative. Some legal departments choose to work with an alternative legal service provider (ALSP) to review and negotiate a bespoke agreement, but innovations in legal tech have enabled in-house legal departments to efficiently and effectively review and negotiate bespoke MSA agreements themselves. 

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ISDA Agreement Negotiation Using Artificial Intelligence

March 25, 2021

The International Swaps and Derivatives Association (ISDA) agreement is a longstanding contract between two parties that governs future swaps and derivatives transactions. These detailed agreements should be sound and equitable—as the contract, not the stock exchange, governs Over-The-Counter (OTC) transactions

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How to Write a Non-Disclosure Agreement

March 23, 2021

Non-Disclosure Agreements (NDAs) establish protections for confidential or proprietary information that must be shared. For years, corporate legal teams have used contract templates to expedite the process of drawing up NDAs. However, these generic documents may not provide comprehensive coverage for your specific needs—whether the NDA covers transactions involving employment, RFP bidding, vendors, investors, or a new partnership. Recent innovations in legal tech have enabled legal departments to leverage artificial intelligence (AI) to establish next-generation guidelines on how to write a Non-Disclosure Agreement.

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Faster Proprietary Information Agreements Negotiated by AI

March 18, 2021

A Proprietary Information Agreement (PIA) is a standard contract that may either replace or complement a Nondisclosure Agreement (NDA). PIAs can stem from an employment contract or set the terms in a business deal. As businesses develop strategies and processes, the Proprietary Information Agreement ensures that sensitive information stays secure.

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Drafting and Negotiating Commercial Contracts: Your Guide to Using Legal AI

March 16, 2021

Drafting, reviewing, and negotiating commercial contracts are time-consuming tasks—whether you are working on a Non-Disclosure Agreement, License Agreement, Master Service Agreement, Merger & Acquisition, or a Multi Supplier Framework Agreement. Often, corporate legal departments may explore alternative legal service providers to reduce the burden of rote document review. However, artificial intelligence (AI) offers an in-house solution that automates the process of drafting and negotiating commercial contracts. 

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Legal Process Outsourcing: How AI Simplifies Contract Negotiation

March 11, 2021

Increased contract volume and a growing backlog of negotiations pose a significant challenge to corporate legal departments and contract lawyers. Since most corporate legal departments lack an AI (Artificial Intelligence) Digital Playbook and are unable to leverage automated processes to accelerate contract review and negotiations, they cannot efficiently negotiate a high volume of agreements. Instead, legal departments have increasingly turned to legal process outsourcing services to perform contract reviews.

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