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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 →Financial institutions write tens of thousands of contracts each year. Some are privately negotiated while others are negotiated through public exchange markets. Different types of finance contracts are drawn up to balance risks and rewards, but their review and negotiation processes should never be overlooked. Increasingly, artificial intelligence (AI) platforms are being implemented to standardize and fully redline financial contracts by type, saving time by performing more thorough risk analyses.
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 →Contracts are an essential component of any corporate legal department’s playbook. Fortunately, there are a number of contract review companies offering convenient and highly accurate services for legal teams. But with so many solutions available, it can be challenging to decide on the best fit for your needs. Here we’ll help you narrow down your options by discussing each one in more detail.
Continue Reading →A procurement specialist facilitates purchases from outside suppliers to keep a business running. Their primary responsibilities include researching key suppliers, negotiating purchase agreements, and ensuring all products and materials meet company standards.
Continue Reading →The Legalweek conference was back in person from March 8-11, 2022 for the first time in more than two years. For many lawyers, Legalweek in February 2020 was the last time they gathered at a major industry event before the onset of the pandemic.
It has been a tough two years!
Like any type of contract, vendor contracts require careful drafting, diligent review, and proper lifecycle management to ensure a smooth business relationship. This article details what vendor contracts are, how they are used, and how they are best deployed. Once the basics of vendor contracts are understood, next-level solutions like artificial intelligence (AI) platforms can be implemented to decrease risk and increase efficiency.
Continue Reading →Over 500,000 people are working in procurement to coordinate logistics activities today. From creating proposal and bidding processes to researching vendors and preparing contracts, procurement coordinators ensure projects receive all the materials necessary for the timely delivery of cost-efficient and legally compliant goods and services. As the “coordinator” part of the job title infers, this position involves acting as a liaison between a company and its vendors. Increasingly, procurement coordinator roles and responsibilities are now using artificial intelligence (AI) technology to automate tasks and boost workplace efficiency.
Continue Reading →By definition, contract analysis refers to tracking information within a legal document. Contracts are assessed for commonalities, including boilerplate provisions or errors, which may require updating. Contract analysis is a vital part of running a successful business as it lays the groundwork for relationships, fits within the regulatory framework of the industry, drives daily activities, and provides protocols for resolving disputes.
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