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How Tech is Redefining the Practice of Contract Law
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
Continue Reading →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.
Continue Reading →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.
Continue Reading →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.
Continue Reading →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.
Continue Reading →Public sector framework agreements often intimidate companies with the complexity of entering into negotiations with large and complex public institutions. Businesses may be tempted to offer cut-rate prices or unfavorable terms simply to establish the relationship. When negotiating public sector agreements, corporate legal departments should not succumb to the temptations just mentioned; profitable deals are possible.
Continue Reading →Master Service Agreements (MSA) establish the business relationship framework between companies and set the tone for future business dealings. LexCheck’s artificial intelligence (AI) contract negotiation platform ensures these long-term agreements conform to your playbook standards.
Continue Reading →Sales and Purchase Agreements (SPAs) occur across industries where buyers and sellers negotiate on price and terms. These SPAs contain detailed information like advance deposit requirements, final sale conditions, and the deal closure timeline. While SPAs appear in various forms—which we’ll examine further below—these contracts have all benefited from recent technological advances in artificial intelligence (AI). Innovative AI tools have made SPA negotiations a seamless, automated process that can be completed in minutes, rather than days.
Continue Reading →When reviewed and negotiated with the power of artificial intelligence (AI), nuanced multi supplier framework agreements mitigate risk through playbook adherence. Additionally, by streamlining vendor relationships with AI-leveraged multi supplier framework agreements, companies can increase efficiency and productivity while enabling attorneys to focus on more complex or strategic tasks. Below, we’ll survey the benefits of these agreements and examine how corporate legal departments and other organizations leverage AI technology today.
Continue Reading →When corporate legal departments seek alternative legal service providers in 2021, they’ll need to consider the dynamic shift that artificial intelligence (AI) has introduced in the field. In the past, traditional options to increase efficiency often involved outsourced and offshore alternative legal service providers. However, advances in AI technology have led legal departments to view AI as an industry game-changer. Below we’ll take a look at some of the shortcomings of alternative legal service providers and how AI is redefining this sector.
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