contract abstraction

Contract abstraction: Reduce cost while improving your contract functioning

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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A Short Guide to Contract Risk

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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Why there is a need for implementing a CLM solution?

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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How contract management software can help your sales team increase profitability?

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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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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A New Era for Contract Management – Automated Contract Abstraction

The ultimate goal of automating contract abstraction is to lessen the business and reputational risks of corporations by ensuring they comply with the terms and conditions of every contract. Most importantly, automated contract management enables corporations to foresee their rights and obligations, and thus prevents future litigation and its cost. Automated Contract Abstraction Puts pertinent

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Are you getting the accuracy you need from your contract extraction services?

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

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