As per a study by the Institute for Supply Management, a typical Fortune 1000 company manages anywhere between 20,000 to 40,000 active contracts at any given time. Additionally, there are legacy contracts to add to the number. Keeping track of all of these contracts can be a nightmare if done manually. Using Natural language processing [...] Read More
Welcome to the Brightleaf CEO blog series on Legacy Contract Migration/Extraction. Explore why your business needs to extract and migrate its legacy contracts. Companies that are embarking on getting a handle around their contracts, tracking the salient terms and data points, creating templates for contract types and clause libraries, workflows, etc. often ask Brightleaf similar [...] Read More

Obligations and rights in a contract! Typically, in a contract, there is no specific section with says “Obligations”. Obligations and rights are strewn throughout the contract. Obligations typically say things like “Party will do…”, “Party shall do…”. Rights are typically outlined as “Party has the right to audit….”, “Customer may extend the agreement…”, “Customer is entitled to terminate […]

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Not sure where to start?  We’ve curated the best legacy contract migration/data extraction practices to get you started It’s important to cover the best practices, partially covered in the previous blogs. 1.     Decide which contracts you want to migrate 2.     Decide what data points you want to report on across a set of these legacy contracts 3.     Set […]

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The larger the company, the more the contracts – that is a given. The larger the company, the more divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy-side and sell-side. When moving to a new enterprise or contract management lifecycle system no one wants to […]

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Again, a frequently asked and pertinent question This is the fifth of a ten-part series on contract migration and related data extraction, which will help your legal teams gain a better understanding of the information included in all of your contracts. The first reaction is that EVERY document and EVERY data point needs to be […]

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