Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

Insider Insights on Contract Review Automation for Corporate Legal Departments

April 21, 2022

Companies have long relied on corporate legal playbooks as gatekeepers for essential clause inclusions and preferred negotiating positions. While many of these playbooks have since transitioned from a paper to digital format in many corporate legal departments today, legacy manual review processes face a new wave of change with the widespread adoption of contract review automation technology based on advances in artificial intelligence (AI).

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Online Contract Review: When You Should and Shouldn't Use These Services

April 19, 2022

At scale, pre-execution contract negotiation becomes a drain on company resources. With 80% of sales teams authorizing over 500 contracts each month, process management becomes necessary just to keep up, let alone free up space to handle new business. To help alleviate the burden, online contract review can be outsourced to an Alternative Legal Service Provider (ALSP), but it’s also possible to boost in-house efficiency without much hassle by implementing an artificial intelligence (AI)-powered contract review solution. This article will explore the pros and cons of each approach.

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How Automated Contract Review is a Game Changer for Data Processing Agreements and Standard Contractual Clauses

April 12, 2022

Automated contract review software entered the market just when we needed it the most. While legislation to protect consumer information privacy is crucial, given the rise in identity theft and subsequent lawsuits, rolling out this legislation has been anything but smooth. In the meantime, companies need to proactively define data use and protection to stay ahead of compliance issues. Data processing agreements and standard contract clauses are helping companies do just that.

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Assessing Risks in Finance Contracts: A Guide for the Banking Industry

April 7, 2022

Financial institutions write tens of thousands of contracts each year. Some are privately negotiated while others are negotiated through public exchange markets. Different types of finance contracts are drawn up to balance risks and rewards, but their review and negotiation processes should never be overlooked. Increasingly, artificial intelligence (AI) platforms are being implemented to standardize and fully redline financial contracts by type, saving time by performing more thorough risk analyses.

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Level Up Legal Proofreading Software with AI

April 5, 2022

With its ability to seamlessly detect spelling and grammar errors, Grammarly attracted attention in the business world when it was first released in 2009. As an effective and easy-to-use application, it cemented its reputation as a fundamental business tool for working with documents. 

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Best Contract Review Companies for Streamlining Your Legal Operations

March 31, 2022

Contracts are an essential component of any corporate legal department’s playbook. Fortunately, there are a number of contract review companies offering convenient and highly accurate services for legal teams. But with so many solutions available, it can be challenging to decide on the best fit for your needs. Here we’ll help you narrow down your options by discussing each one in more detail.

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Vendor Contracts Explained

March 24, 2022

Like any type of contract, vendor contracts require careful drafting, diligent review, and proper lifecycle management to ensure a smooth business relationship. This article details what vendor contracts are, how they are used, and how they are best deployed. Once the basics of vendor contracts are understood, next-level solutions like artificial intelligence (AI) platforms can be implemented to decrease risk and increase efficiency.

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