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Tech tools and automation are necessities in today’s complex business world. Contract drafting software in particular is foundational for many corporate legal departments, greatly streamlining the process of creating agreements for two or more parties to sign.
Continue Reading →Automated contract review software entered the market just when we needed it the most. While legislation to protect consumer information privacy is crucial, given the rise in identity theft and subsequent lawsuits, rolling out this legislation has been anything but smooth. In the meantime, companies need to proactively define data use and protection to stay ahead of compliance issues. Data processing agreements and standard contract clauses are helping companies do just that.
Continue Reading →With its ability to seamlessly detect spelling and grammar errors, Grammarly attracted attention in the business world when it was first released in 2009. As an effective and easy-to-use application, it cemented its reputation as a fundamental business tool for working with documents.
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.
Continue Reading →Exclusions are among the most important clauses in a contract, along with confidentiality clauses, force majeure, and dispute resolution clauses. The language in these sections must be neither overly flexible or too stringent. Developing ideal positions and standard guidelines for writing these clauses is an important first step. For ensured compliance, however, artificial intelligence (AI) is the answer.
Continue Reading →Humans, by nature, can be resistant to change. Often, though, change offers new opportunities. The struggle between tradition and innovation is felt acutely in corporate legal departments when contract review and negotiation processes become tedious and inefficient. Legal AI contract review has emerged as a game-changing opportunity for legal departments willing to innovate.
Continue Reading →Artificial intelligence (AI) technology has made the daily work for professionals across a variety of fields more efficient and even more enjoyable. In the past, job seekers may have avoided procurement analyst positions for fear of tedious and time-consuming contract review tasks. However, recent advances in AI-powered contract review and negotiation solutions have enabled procurement teams to streamline processes and eliminate process bottlenecks while ensuring playbook-compliant agreements.
Continue Reading →Strong and enforceable contracts define the rights and responsibilities of two parties entering into a business arrangement and delineate a process for dispute resolution. The strength of the relationship boils down to the contract language and the ability of both parties to fulfill their obligations.
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