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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.
Continue Reading →LexCheck’s contract review and negotiation platform enables corporate legal departments and procurement teams to reimagine the contract approval process—tasks that once required hours or days can now be completed in just two or three minutes. We spoke with Meghana Shetty Talavikar, Deputy General Manager of Legal Operations at Tata Communication; Rachita Maker, Vice President and Head of Legal Operations and Compliance at Tata Communication; and Connie Brenton, Vice President of Law Technology and Operations at NetApp to learn how LexCheck’s contract negotiations solution has streamlined their review, negotiation, and approval process.
Continue Reading →Contract risk assessment quantifies a company’s exposure to uncertainty and adverse outcomes. In a competitive and often litigious business environment, modern corporations implement sound risk mitigation processes to ensure companies do not assume unnecessary liability or adopt positions that could harm their future well-being. Careful review with a contract risk scoring process enables contract negotiators to set terms effectively and maintain preferred negotiation positions in business relationships.
Continue Reading →Creating a contract playbook template can help legal departments enforce legal guidelines and increase operational efficiency. A comprehensive and well-structured template can harmonize multiple departments—legal, sales, procurement, and others—around common purposes and goals and help reduce risk. Contract playbooks are especially necessary when managing complex agreements requiring legislative updates or strategic renewals.
Continue Reading →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.
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When conducting business operations contract negotiations, legal departments build on past successes. Contract negotiation powered by artificial intelligence (AI) automates this process and ensures contract terms strictly follow a company’s negotiation guidelines. As a company’s contract guidelines, or AI Digital Playbook, are updated, negotiations become more fine-tuned. Likewise, because AI “understands” where boilerplate language will not suffice, it can offer suggestions when clauses need to be revised or adapted to unique partnerships.
Continue Reading →Data residency compliance requirements present a significant issue for legal departments and other organizations, especially in a globalized economy. Today, businesses span international borders, and corporate legal departments must collect data to manage their relationships and the contracts they enter. However, data residency requirements complicate data collection because they change based on the locale of corporate branches and headquarters.
Continue Reading →Over the past year, corporate legal departments have experienced a pandemic-induced shift in contract management processes. Tasks previously completed in boardrooms and offices suddenly moved to digital environments. For traditional legal operations, this transition has signaled a paradigm shift.
Continue Reading →Artificial intelligence (AI) describes a computer-based technology that collects and analyzes data, draws conclusions, and completes tasks typically performed by humans. This innovative frontier extends technological capabilities to regions beyond software’s traditional mapped and predetermined possibilities. Attorneys and legal departments are just beginning to discover how artificial intelligence is changing the legal profession. In this article, we’ll examine several ways AI is transforming the process of contract review and negotiation.
Continue Reading →Legal artificial intelligence (AI) platforms can handle much of the repetitive, day-to-day work of corporate lawyers, including contract revisions and negotiations. By “in-sourcing” this routine and time-consuming work to the AI, legal professionals can focus on more strategic and demanding tasks. As a result, legal artificial intelligence can enable the tech-forward corporate legal departments to better serve their clients while taking on additional work and increasing profitability.
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