Innovating the Legal Industry

How Tech is Redefining the Practice of Contract Law

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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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Understanding Procurement Coordinator Roles and Responsibilities in Legal Departments Today

March 22, 2022

Over 500,000 people are working in procurement to coordinate logistics activities today. From creating proposal and bidding processes to researching vendors and preparing contracts, procurement coordinators ensure projects receive all the materials necessary for the timely delivery of cost-efficient and legally compliant goods and services. As the “coordinator” part of the job title infers, this position involves acting as a liaison between a company and its vendors. Increasingly, procurement coordinator roles and responsibilities are now using artificial intelligence (AI) technology to automate tasks and boost workplace efficiency. 

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Contract Analysis: What It Is and Why Innovation Matters

March 17, 2022

By definition, contract analysis refers to tracking information within a legal document. Contracts are assessed for commonalities, including boilerplate provisions or errors, which may require updating. Contract analysis is a vital part of running a successful business as it lays the groundwork for relationships, fits within the regulatory framework of the industry, drives daily activities, and provides protocols for resolving disputes.

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Contract Renewal Process Best Practices

March 15, 2022

Contract renewals are the last, but certainly not least, phase in the contract management cycle. While most contracts include built-in renewal provisions, routine oversight is necessary to ensure all standards, price terms, goals, and representations/warranties are up-to-date and favorable. Seemingly minor changes to any of these provisions during renewal time can impact costs, performance, and efficiency, so it’s worth building review processes into your organization. Following a set of contract renewal best practices ensures prioritization and adequate renewal time so no opportunity for modernization is missed. 

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Sales Velocity Formula: How Quickly Are Your Deals Closing and How Can You Accelerate the Process?

March 10, 2022

Sales velocity measures how fast deals move through the sales pipeline and generate revenue. This key performance metric can reveal expected revenue for a given period. Beyond that, entering numbers into a sales velocity formula applies value to the sales cycle, whether establishing a baseline, identifying a problem, or looking for ways to improve. Increasingly, innovators are turning to artificial intelligence (AI) to increase sales velocity.

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The Commercial Contract Playbook: Your Secret Weapon for Empowering HR, Sales, Finance, and Procurement Teams

March 3, 2022

Contracts form the relationships that ultimately bring in revenue. Across all industries, contract drafting, reviewing, and negotiating are core processes that must be completed; however, they could often be accomplished more effectively. Most corporate legal departments use clause libraries and templates for drafting but rely on manual review processes to get through the last mile. 

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