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There is so much talk about ChatGPT. A really revolutionary pre-trained AI model! So you wonder, can I use it for doing all my work for legacy contract data extraction including a matchup of masters with their amendments, removal of duplicate documents, removal of unsigned and unwanted documents, etc.? One way to look at it [...] Read More →

Invest in a CLM Solution: You say why? We say why not Every contract can be different and it usually is. Clauses can be expressed differently in different words and acronyms – even misspellings can be there. These details are often scattered among multiple clauses in the same contract. The contract process needs to be [...] Read More →

Companies often struggle to keep all their contracts in a central place with the goal of making them accessible to the appropriate people throughout the company. Oftentimes, new contracts are negotiated, executed, then filed away (and forgotten) in a drawer, or in a file folder on the computer of the business person in charge of […]

Upgrading your data extraction technology is tough and comes with lots of questions. If you have a CLM system or are preparing to buy one, have you analyzed the importance of the information hidden in your legacy contracts lying in cabinets or shared drives for your new CLM system? In this guide, we’ll cover some […]

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 →

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 […]

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 […]

Aaah – a loaded question. There is much talk about software telling you if there is risk in your contracts. Well, what is a risk to you? That would be different than a risk to another company or someone else. To you, if the limitation of liability is capped to 2x the spend by the […]

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 […]

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 […]

This is the fourth 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. This is the most asked, if not, assumed (as yes) question! And a very pertinent one. AI Software is a necessary condition […]

As part of the legacy contract migration/data extraction series of blogs, here is the 3rd one of the series. Can I extract and track my business-specific information? But of course! In fact, 30-40% of the information Brightleaf extracts is our clients’ business-specific information. To give an example, for a Class 1 Railroad company, we extracted [...] Read More →

The first part of the series covered, what is legacy contract migration and why do I need to do it? Here we will discuss the next/second question that is asked very often too, what attributes do I extract and ingest into a CLM during the legacy contract migration process into a CLM? There is no […]

To kick off the series, let us first start with the simplest question – What is legacy contract migration and why do I need to do it? You are looking to install a Contract Lifecycle Management (CLM) system to get a handle on your contracts, what good is having a great CLM without any data? […]

What is contract intelligence? Contract intelligence is the process of learning and utilizing knowledge gathered using AI-assisted contract analysis to transform contracts and agreements into valuable business assets. It empowers you to have contract visibility and take actionable insights from your contracts. It not only helps in providing transparency but also in monitoring key performance [...] Read More →

OUR THOUGHTS

Category: Blog

CEO Blog 10: Legacy contract migration/data extraction

Busting the myths around investing in a CLM Solution

Reduce risk by unleashing contract insights

What are legacy contracts and approach to manage

Transforming contract management process with NLP

CEO Blog 9: How do I extract contract obligations? And what do I do with the information?

CEO Blog 8: What are the best practices for legacy contract migration/data extraction?

CEO Blog 7: I want to know if my contracts are risky. How do I do that?

CEO Blog 6: How do I prepare my legacy documents for ease of migration into a CLM?

CEO Blog 5: I have 300k documents! What do I migrate into a new CLM system?

CEO Blog 4: Can AI software handle it all?

CEO Blog 3: Can I extract and track my business specific information?

CEO Blog 2: What attributes do I extract and ingest into a CLM during the legacy contract migration process?

CEO Blog 1: What is legacy contract migration and why do I need to do it?

Contract Intelligence is the key to greater transparency into your contractual terms