Legacy contracts can be a treasure trove of valuable information for a company. They contain hundreds of important, actionable obligations which need to be tracked and managed. Those are the reasons why migration is so important for every organization and is considered one of the best practices in contract management. Contracts carry an enormous amount […]
Why and how to migrate your legacy contracts Read More »
Regulation: An Authoritative Framework for Guiding Actions Regulation serves as the official framework established by authorities, encompassing a set of rules and trends. Generally, it is defined as the legislative measures imposed by government entities on individuals, both private and public firms, to oversee and modify economic elements. Navigating Compliance in the Legal Landscape Compliance
Regulation a \”scary word\” which can lead to penalties Read More »
Is Brexit really happening? The UK government says ‘Yes’ and it is scheduled to leave at 11 pm UK time on Friday, 29 March 2019. Well, whether it happens or not happens, keep that discussion aside for now. What you might be interested in knowing is, how Brexit impacts certain contractual obligations in your existing contracts?
Brexit: Impact on your contractual obligations Read More »
To realize the benefits which exist after the contract has been signed, it’s necessary to not only understand the terms and provisions contained in your contract but to capture these for ongoing management. When a contract is signed, most organizations do a good job of tracking the contract’s basic operational requirements (e.g. renewal dates), but
Are you getting the accuracy you need from your contract extraction services? Read More »
The term “Migration” is used, sometimes loosely to describe getting contracts out of an existing system, or even file folders, into a CLM system. Contract Migration is the process that takes documents from older systems and puts them into a newer system. In practice, contract migration is a structured, multi-stage process that takes documents from
All you need to know about the contract migration process Read More »
Contract life cycle management systems (CLM) allow users to centralize contract storage and management, plus aid in the creation of new ones that fully comply with the company’s policies and requirements. This breed of systems provides all of the features of a CMS but adds workflows to request, author, negotiate, approve, present, execute, manage obligations,
For a small organization with a quantum of 10-50 contracts, it is quite feasible to go back to their contracts and review their time and now, but as the volume and complexity increase, it becomes difficult to manage these contracts without the assistance of some kind of contract management tool. It can be a simple
An arduous step overlooked when initiating a CLM implementation Read More »
If your organization has hundreds and thousands of contracts flooded around you, I am sure you would miss tracking at least one key obligation out of 100 contracts. This can be due to a lack of reporting abilities in your in-house contract repository system or you never extracted the key elements from your legacy and
Why do you track “Term” from your contracts? Read More »
In the last few years, all industries have been benefiting from an increase in automation, from robotics to software and Artificial Intelligence (AI) solutions to automated processes and tasks. According to different estimations, in the next decade, Artificial Intelligence is thought to replace 16% of jobs. Technologists are busy in their labs innovating advanced versions
Automation is changing “nice to have” into “must have” requirement Read More »
In today’s fast-paced business environment, legal and compliance teams are under increasing pressure to manage contracts efficiently, ensure compliance, and mitigate risk — all while staying within budget. Traditional methods of contract abstraction and management are often too time-consuming, error-prone, or cost-prohibitive. Fortunately, automation is transforming the way companies handle contracts, making both contract management
Automated Contract Abstraction and Management Benefits Read More »
