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How Tech is Redefining the Practice of Contract Law
Over the past year, corporate legal departments have experienced a pandemic-induced shift in contract management processes. Tasks previously completed in boardrooms and offices suddenly moved to digital environments. For traditional legal operations, this transition has signaled a paradigm shift.
Continue Reading →Artificial intelligence (AI) describes a computer-based technology that collects and analyzes data, draws conclusions, and completes tasks typically performed by humans. This innovative frontier extends technological capabilities to regions beyond software’s traditional mapped and predetermined possibilities. Attorneys and legal departments are just beginning to discover how artificial intelligence is changing the legal profession. In this article, we’ll examine several ways AI is transforming the process of contract review and negotiation.
Continue Reading →Legal artificial intelligence (AI) platforms can handle much of the repetitive, day-to-day work of corporate lawyers, including contract revisions and negotiations. By “in-sourcing” this routine and time-consuming work to the AI, legal professionals can focus on more strategic and demanding tasks. As a result, legal artificial intelligence can enable the tech-forward corporate legal departments to better serve their clients while taking on additional work and increasing profitability.
Continue Reading →Comparing a Master Service Agreement (MSA) vs Statement of Work (SOW) is relatively straightforward. The MSA is a comprehensive, overarching contract, while the SOW is far more detailed. Although each contract is unique, the MSA and SOW fit together to complete an agreement between two businesses. By leveraging an AI contract review platform, a corporate legal department can ensure complementary agreements that avoid contradictory terms.
Continue Reading →Unrelenting pressure from the coronavirus pandemic has changed how many legal departments operate. With flattened staffing budgets and increased workloads, legal teams have turned to technology to solve these challenges with efficiency. Implementing the right legal tech stack aligned with company strategies and business goals has never been so important. Here are three of the major legal tech trends 2021 has spotlighted so far.
Continue Reading →Software Licensing Agreements (SLAs) are necessary to protect the interests of software creators and software users. These contracts explain a customer’s usage rights, including installation location and frequency, as well as software duplication, modification, and redistribution rules. Likewise, software price, licensing fees, usage term duration, and performance guarantees are often detailed in the agreement.
Continue Reading →Many companies contract with third parties for IT services, and these relationships are often governed by Master Service Agreements (MSAs). Reviewed and negotiated by high-level corporate managers or legal departments, MSAs delineate the working relationship for a complex, multi-stage project or long-term arrangement.
Continue Reading →Avoiding pitfalls while writing End-User License Agreements (EULA) is similar to preventing issues with most other types of contracts. The contract needs to avoid ambiguous or illegal clauses, cover regulatory necessities, and consider its audience. As the EULA covers consumers without legal knowledge, keeping these contracts short and concise is ideal.
Continue Reading →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.
Continue Reading →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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