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Stages for effective contract execution and management

[vc_row][vc_column][vc_column_text]Contract lifecycle management popularly known as CLM is the process of managing contracts from requesting a contract to the disposition of the contract. Various tools and software are available in the market to handle this process effectively. Morden-era tools even allow automated drafting, redlining, digital signatures, and compliance management on the tool itself. Implementing an […]

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Manage Contracts

Your first reaction when you see reams of paper or contract document files on your computer is often “How do I get a handle on this?”  The typical answer that comes to mind is “Let me get a system that manages contracts.” Then you start researching contract management systems vendors. Yes, that is the ultimate

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Unleash potential of contracts by abstracting key data points

[vc_row][vc_column][vc_column_text]Contract abstraction simply means extracting important data points which include clauses, dates, and meta-data from your contracts. Abstracting essential information from your contracts will help you manage and identify existing contractual commitments. Additionally, this will enable you to analyze risks, obligations, and opportunities to avoid potential legal disasters. Organizations need better knowledge and insight into

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How to make contract legal management systems more productive?

[vc_row][vc_column][vc_column_text]The more robust systems allow you to track dozens of attributes, the important, sometimes critical data contained within your contracts. Without tracking attributes, you will not be able to make full use of your investment in these systems. As an example, if you do not extract and track basic things like the expiration date, how

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Contract Lifecycle Management (CLM) is becoming a “need to have” priority for firms

Contract Lifecycle Management is no longer a “nice to have” initiative, but rather a “need to have” business practice. With a direct impact on both revenue and expenses as well as the risk profile of a company, many businesses have an elevated interest in implementing automated solutions. The efficiencies introduced by an automated contract lifecycle

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Ways to adhere risk management

Prioritize- set your priorities, knowing things makes it easier to focus on the right information. Set your score points to quantify the vulnerability of risk and its impact on business. This will set your priorities for business activities, financial activities and other facets. Regulatory alerts – Making a clear summary of what needs to be done; deadlines,

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