Posts about Contract Management

The 5 Stages of the Contract Approval Process

October 5, 2021

The contract approval process can present a significant time sink for corporate legal departments. As attorneys and legal staff progress through the stages of assignment, negotiations, drafting, agreements, and renewals, they must cooperate with multiple disparate parties and engage with complex and extensive information. Efforts to streamline these tasks often rely on technology. 

Continue Reading →

Using AI as a Contract Risk Assessment Tool

September 23, 2021

Risk is inherent in any business deal. However, successful companies habitually identify and mitigate potential risks. Strategies for mitigating risk have come and gone over the years, but until now the challenges and pitfalls were difficult to mitigate. Recently, artificial intelligence (AI) emerged as an innovative approach enabling legal teams to overcome common contract negotiation obstacles. Corporate legal departments have begun to streamline standard procedures by leveraging an AI-powered contract risk assessment tool. 

Continue Reading →

Implementing Sales Contract Automation With the Help of AI

September 14, 2021

Any business that offers a product or service must execute sales contracts delineating the rights and duties of the buyer and seller. These days, few companies can get by with a standard template. While there may be boilerplate warranties and return policies, each relationship is governed by its unique terms and conditions.

Continue Reading →

The Contract Management Playbook: What It Is and How It Works

September 9, 2021

A contract management playbook provides a single source of guidance for corporate legal departments as they handle negotiations to reach equitable agreements. Unfortunately, these important, and, sometimes, hefty manuals are often too cumbersome to use in the best of circumstances. An attorney knee-deep in contract negotiations may not have time to thumb through scores of pages of content to find the relevant company positions. Obviously, non-use limits the overall effectiveness of the playbook.

Continue Reading →

Why AI Is Critical in Contract Management Solutions

July 27, 2021

Contract management can be a complex undertaking. While some legal departments have succeeded in updating from manual to digital contract processes, for most there remains room for improvement. Forrester’s State of Contract Management 2020 report found that a third of contracts require over 30 hours to negotiate, and 52 percent of companies examine three or four versions of a contract before finalizing a deal.

Continue Reading →

How Does Clause Extraction NLP Work in Legal Tech?

July 20, 2021

Natural Language Processing (NLP) is a subfield of Artificial Intelligence (AI) that uses computational tools to tag, translate, summarize, analyze, and extract data for review. The result is a technology platform capable of "understanding" the contents of documents, including the contextual nuances of the language within them.  For example, AI-based legal software can flag an exclusivity provision as an urgent issue requiring review by a senior attorney.

Continue Reading →