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How Tech is Redefining the Practice of Contract Law
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.
Continue Reading →A procurement specialist facilitates purchases from outside suppliers to keep a business running. Their primary responsibilities include researching key suppliers, negotiating purchase agreements, and ensuring all products and materials meet company standards.
Continue Reading →The Legalweek conference was back in person from March 8-11, 2022 for the first time in more than two years. For many lawyers, Legalweek in February 2020 was the last time they gathered at a major industry event before the onset of the pandemic.
It has been a tough two years!
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.
Continue Reading →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.
Continue Reading →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.
Continue Reading →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.
Continue Reading →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.
Continue Reading →Newcomers to the world of legal contract review may experience confusion stemming from the industry lexicon. Terms “blacklining” and “redlining” both describe the act of making changes to a contract during contract review and negotiation. Teams may also call changes “markup.”
Continue Reading →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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