Posts about Negotiations

How Automated Contract Markup Accelerates Negotiations

July 13, 2021

Contracts are fundamental to every deal, whether you are focused on merging companies, protecting trade secrets, or outlining how a business relationship will unfold. Traditionally, a contract can take weeks or even months to negotiate. However, corporate culture today values immediacy, and businesses are placing increased pressure on legal departments to speed up the review and negotiation process.

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Mastering Agreements With Automated Contract Negotiation

July 8, 2021

Automated contract negotiation has arrived, and the most innovative legal departments and procurement teams are implementing the technology to accelerate contract negotiations and complete the work of experienced contract reviewers in a matter of minutes. As a leading pioneer in contract law artificial intelligence (AI) with well-known clients including NetApp and Panasonic, LexCheck has featured in The Wall Street Journal, the American Bar Association Journal and recognized by the Associate for Corporate Counsel’s Value Champion for 2021.

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AI-Powered Business Operations Contract Negotiation

June 17, 2021

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.

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International NDA Negotiation: Conducting Business Across Borders

June 3, 2021

Non-Disclosure Agreements (NDAs) facilitate secure business relationships globally. Without these essential agreements, trade secrets and proprietary information could be stolen or made public. Organizations depend upon NDAs to protect their innovation, research, and talent retention. Without the legally binding protection afforded by NDAs, disagreements between parties could threaten the security of sensitive information.

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Master Service Agreement Vs Statement of Work

May 6, 2021

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.

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The 3 Top Legal Tech Trends in 2021

May 4, 2021

Unrelenting pressure from the coronavirus pandemic has changed how many legal departments operate. With flattened staffing budgets and increased workloads, legal teams have turned to technology to solve these challenges with efficiency. Implementing the right legal tech stack aligned with company strategies and business goals has never been so important. Here are three of the major legal tech trends 2021 has spotlighted so far. 

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Understanding Types of Licensing Agreements

April 29, 2021

Software Licensing Agreements (SLAs) are necessary to protect the interests of software creators and software users. These contracts explain a customer’s usage rights, including installation location and frequency, as well as software duplication, modification, and redistribution rules. Likewise, software price, licensing fees, usage term duration, and performance guarantees are often detailed in the agreement. 

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Negotiating Master Service Agreements for IT Services

April 27, 2021

Many companies contract with third parties for IT services, and these relationships are often governed by Master Service Agreements (MSAs). Reviewed and negotiated by high-level corporate managers or legal departments, MSAs delineate the working relationship for a complex, multi-stage project or long-term arrangement.

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Negotiating SaaS Contracts: How AI Simplifies Digital Service Relations

April 13, 2021

Software-as-a-Service (SaaS) contracts reflect a new software licensing model where companies and individuals pay for software use over a set period. This type of arrangement allows software companies to generate ongoing revenue while providing the user with security updates and innovative new features. As a result, companies must update software agreements continually, as unoptimized contracts can lead to excess licenses with overlapping services, unmet customer needs, and unnecessary liabilities.

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Better than a Master Service Agreement Template: Bespoke MSAs Negotiated by AI

March 30, 2021

A Master Service Agreement (MSA) template can provide a solid foundation for establishing a business arrangement, but relying solely on a third-party template is risky. Since the MSA will determine all future work standards, tailoring the third-party agreement to conform to your specific business situation is imperative. Some legal departments choose to work with an alternative legal service provider (ALSP) to review and negotiate a bespoke agreement, but innovations in legal tech have enabled in-house legal departments to efficiently and effectively review and negotiate bespoke MSA agreements themselves. 

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