Posts about Contract Writing and Review

What Is Included in a Non-Disclosure Agreement (NDA)?

In today’s hyper-competitive markets, businesses must keep proprietary information confidential at all times. Accordingly, non-disclosure agreements (NDAs) are one of the most commonly used legal documents in the business world that help to protect businesses’ proprietary information. Over the years, they have grown substantially in both number and scope. Data suggests that over one-third of the U.S. workforce is bound by an NDA. 

But as with any contract, there’s always room for improvement—and companies are beginning to lean on technology to perform the heavy lifting for them while they focus on overarching strategies. If you’re wondering what is included in a non-disclosure agreement, this article covers their uses and common clauses in addition to the modern approach to reviewing them with artificial intelligence (AI) technology.

Implementing Legal Technology Solutions for Maximum ROI

Legal departments will automate over 50% of their work by the end of the year, according to Gartner’s predictions. While there’s no doubt that legal technology solutions can offer many competitive advantages for teams that are pressured to do more with less, there is some confusion over where in the contracting process they can fit in to help businesses drive the most value. Let’s clear that up by taking a look at the different types of legal technology solutions, where in the contracting process they can maximize ROI, and why contract review and negotiation solutions offer the greatest value.

What Is Contract Lifecycle Management and Why Does It Matter?

Contract lifecycle management (CLM) is the process businesses follow to manage contracts from their creation up to their expiration. It’s a simple definition; unfortunately, many CLMs do not account for everything that’s involved in the life cycle of a contract. Any reasonably sized corporate legal department or firm will have thousands of contracts to manage—all with different dates, provisions, retention schedules, and involved parties.

The Past, Present, and Future of AI in Legal Tech

The link between science and human imagination is as old as recorded history. Ancient Greek writers like Homer and Hephaestus imagined the gods would one day create humanoid robots to serve mankind. Ancient Egyptian and Indian texts imagined the benevolent use of automatons to perform simple tasks, such as rowing a boat or pouring water. 

What Is Logic Programming in AI and How Does It Improve Contract Review?

Artificial intelligence (AI) includes high-level, automated programming systems that, when combined with logic-based programming, can easily encode human knowledge and abilities in a compact and usable way. To date, AI-based contracting software represents the most sophisticated technology on the market, yet some businesses are still on the fence about its true potential. Can it ever truly replace legal department staff, for example? The short answer is no: AI based on logic programming will not replace the human element any time soon, but it can solve a number of unique challenges more efficiently.

Improving the Contract Lifecycle Management Process With Automated Review

Growing businesses often struggle to keep up with manual contract review and negotiation demands as they increase capacity. Inevitably, sales cycles slow down, frustrations escalate, risks get overlooked, and overall business growth is hampered by inefficiency. 

How Transferring Your Contract Review Online Can Revolutionize Your Process

The workplace has changed and things aren’t going back to the way they were. More people are working remotely than ever before, encouraging manual processes to shift to agile, tech-enabled workflows that can be completed from virtually anywhere. 

Contract Review Best Practices You Need to Know

Contracting inefficiencies are costly. Nearly 60% of businesses say poor contract management actually delays revenue, and 50% state that it has resulted in lost business opportunities. By one estimate, poor contract management costs the average company 9% of their bottom line revenue. 

Contract Review Turnaround Time: How to Make it Faster

Organizational change is slow, which is why it’s no surprise that working faster and more efficiently has been a priority for legal departments for the better part of a decade. Of 100 corporate legal departments surveyed by Gartner, 40% of managers admit that managing contract risk is a slow process. The average company’s contract review turnaround time adds 10% more time (6.5 days) to the launch of a new product, amounting to $7 million in revenue losses. Companies can’t afford to spend extra time contracting with third parties as it ends up costing the equivalent of three full-time employee salaries.

Contract Review in Manufacturing Industry: What to Know

Contracts serve as a single point of truth for manufacturers, suppliers, subcontractors, and partners. But one contracting error can open up a manufacturer to liability and poor vendor relations. That’s why having a robust review process to identify and rectify pre-execution contracting issues is paramount to a company’s bottom-line success. Increasingly, contract review in manufacturing is taking a digital turn, and businesses are infusing layers of efficiency into the contracting process with artificial intelligence (AI).