Posts about Contract Writing and Review (3)

Contract Optimization for Faster Agreements and Better Results

Standard agreement provisions dictate up to 80% of all business transactions—including price, buyer and seller terms, regulatory compliance, and accountability. The typical Fortune 1000 company maintains 20,000 to 40,000 contracts. Large corporations like Walmart typically oversee more than 100,000 agreements with global suppliers each year. For large companies the  lost potential revenue and waste in the contracting process can be tremendous; for smaller companies this loss and waste can produce even greater impacts on the bottom line and growth.

One Way and Mutual NDA Contract Review Strategies

Non-Disclosure Agreements (NDAs) protect confidential information like trade secrets, intellectual property rights, customer/client lists, and company business plans and processes from exposure, misuse, and theft.

Reviewing and signing these documents are standard practices for many businesses; however, when things go wrong, companies can become exposed to unnecessary liability. Does an NDA really protect you? That all depends on how it is written.

Contract Review Checklist for Commercial Agreements

An effective and efficient contract review process is essential for successful business relationships. Once an agreement is signed, both parties are legally bound to its terms, which is why it’s critically important to ensure that clauses and provisions are clearly and accurately stated. During a typical review process, errors and omissions can occur. Many legal teams rely on a contract review checklist as a safeguard to standardize the process. This guide outlines a helpful checklist and discusses recent developments in contract review technology that have enabled legal teams to ensure 100% compliance while accelerating and automating the review process.

Why Your Organization's Sponsorship Agreements Need an Automated Contract Review Process

As organizations respond to the digital transformation of the contract approval process, many corporate legal departments struggle to update legacy systems. This is especially true with sponsorship agreements, where negotiation often is conducted remotely, and workflows can become complex.

How Self-Service Contracts Are Automated With AI

Self-service contracts are used primarily by companies managing 20,000 to 50,000 documents concurrently, including sales, product, service, consulting, benefits, lease, licensing, and non-disclosure agreements. Companies use self-service contracts to manage procurement, hiring, provider relations, and more. Across applications, self-service contracts enable faster contracting with a “one-click” approval process; however, expediency too often increases the risk and frequency of errors.

The Contract Review Process: Updated and Automated

Three basic stages define the contract review process: negotiation, revision, and execution. And each stage is accompanied by unique risks and delays — especially when legal departments rely on manual review and negotiation processes. The negotiation stage alone can sometimes take months.

What Is Contract Review Software?

Corporate legal departments consider contract review software to be one of the top technology solutions to streamline operations. Nearly every lawyer struggles to accomplish more with fewer resources in response to pandemic-related staff cuts and remote work requirements. Intuitive contract review software helps these attorneys save time, improve processes, and enhance negotiations.

Updating Standard Contract Provisions When Considering Risk Allocation

Whether you manage a construction project or commercial relationship, contract provisions for risk allocation represent an integral component of conducting business. For instance, changing site conditions, authority disruptions, and weather can threaten the contract timeline—not to mention the pervasive supply chain issues arising from the pandemic.

Fears of AI shared by Legal Professionals

Anna Lozynski has now shared the results of her industry polling on the heels of a successful and engaging Clubhouse open forum where legal professionals were, for the first time, able to openly discuss their internal fears and misconceptions with AI's rise in the workplace.

Master Service Agreement Vs Statement of Work

Comparing a Master Service Agreement (MSA) vs Statement of Work (SOW) is relatively straightforward. The MSA is a comprehensive, overarching contract, while the SOW is far more detailed. Although each contract is unique, the MSA and SOW fit together to complete an agreement between two businesses. By leveraging an AI contract review platform, a corporate legal department can ensure complementary agreements that avoid contradictory terms.