Big data is an extremely large set of data that primarily consists of three characteristics volume, velocity, and variability which require storage, interpretation, and analytics to figure out the meaning. Here, data sources could be anything like social media comments, tweets, sensors, health records, smartphones, and on and on. Deep down this data has a […]
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A General Counsel’s role is no more giving legal advice to the company, it has evolved more than this. They need to make the business model as resilient and flexible as possible. As a company grows the number of contracts also grows. It becomes very important for a GC to spend time analyzing the company’s
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Contract summarization plays a crucial role in contract management, helping organizations quickly extract key terms, obligations, and risks. Depending on business needs, companies can choose between manual, automatic, or hybrid summarization methods. Each approach offers distinct advantages, whether prioritizing accuracy, efficiency, or scalability. Manual Summarization This is the most common and traditional way of summarizing
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Data Extraction from contracts The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. It is difficult to achieve very high accuracy from software and consistency from manual methods. Yet we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for
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A Procurement Management Process helps companies purchase goods and services from external suppliers, it further includes a series of activities and processes. The procurement management process comprises planning, selection, administering, and closing procurement i.e. awarding and managing the contract. It is vital for any organization to have a proper procurement management system so to avoid
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What is a breach A breach is an unjustified failure to perform the terms of a contract. It could include any kind of failures such as failure to deliver services, failure to perform the job, failure to pay on time, and many more. Contracts are usually made in order to formalize an agreement and to
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Contract Abstraction A process of “abstracting” key dates, clauses, payment terms options, and other information from a contract into data useable by a Contract Management System. This provides a concise view and saves companies precious time and resources. Furthermore, through the utilization of contract abstraction services, documents are easier to read for non-lawyers since essential clauses
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When a contract comes into existence, it automatically creates benefits and risks for contracting parties as it consists of many elements like consideration, offer, and acceptance, intention, legal purpose, etc. Contract risk can occur in any phase from creation to execution of the contract, say when creating a contract there can be communication gaps leading
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Contract Management The role of contract management is evolving now. It’s not simply filing documents anymore; contract management entails understanding each facet of a contract’s lifecycle to extract purposeful insights. Business with contract lifecycle management efforts in place is able to serve their clients better, resulting in more revenue opportunities from existing and potential clients.
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Contracts are one among the difficult documents that ought to be evaluated befittingly, and if there isn’t a clear system for the solid review process in place the terms may be overlooked leaving a company in a weaker position. Across your business, whether in sales, legal, marketing, or vendor management, contracts help protect the company,
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