Is it your core business or your contracts, that should take your maximum time and effort? With contracts, always in a state of flux, being renewed or newly negotiated it may seem like a good idea at first to buy software for your in-house system. However, you need to buy, install and train and then […]
Simplify contract management Read More »
Contracts come in an endless variety of forms and complexity. Some contracts are dozens of pages long and comprehensible only to those with specialized skills, therefore they are critical. Each and every contract can be different and usually, therefore capturing information hidden in these contracts is not that straightforward. Clauses can be expressed differently in
Data Extraction from contracts – why is it so critical? Read More »
Contracts are all structured and worded differently, attributes can be phrased in different ways, there can be ambiguities and data can be presented in various forms. Most contracts are in text form that is non-computer searchable. So, it needs to be put into a format that a computer can read. You will think of software
Getting accuracy from contract data extraction Read More »
Contract Lifecycle Management (CLM) has become a top priority for C Level Executives worldwide. CLM systems are no longer a “nice to have” initiative, but rather a “need to have” business practice. The efficiencies introduced by an automated contract lifecycle solution are numerous – and, as the name suggests – it addresses the complete lifecycle
Unlocking the Value of Your Existing Contracts Read More »
Getting all your contracts into a Contact Management System means you can manage your contractual obligations and risks. To do this you need reliable information that is both accurate and comprehensive in the database. Any error, such as a different multiplier in a penalty clause, wrong expiry date, or just a missed and not included
When you go into a contract management system, from what point in time do you start entering contracts? Most think from today because legacy contracts are too difficult. But that can expose you to risk and lost opportunity. Every contract is important, especially if it contains opportunity or risk. Older contracts have the same essential
The wisdom of capturing all your legacy contracts, not just those from today forward Read More »
Wow…what a concept!! Finding money to add to your bottom line that you didn’t know you had. How can that happen?!? Vendor/Supplier contracts, as with many other types, have performance penalty clauses. Often times, these are forgotten because contracts are drafted and filed away and these clauses often times, are forgotten and lost! If you
Find money in your contracts Read More »
The ultimate goal of automating the contract management process 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. Advantages of automated
Automated Contract Management Read More »
We’re seeing new flavors of technology impact just about every part of our business lives. The practice of law is affected as well: new technology is profoundly changing the way law firms and legal departments operate. On top of that, technology is driving globalization, and the resulting geographic ‘spread’ of business is increasing. This means
Technology, changing the way legal departments operate Read More »
In my earlier blog, I had given 5 steps to choosing a CLS. Not all CLS’s are created equal. You may first want to see what you require to manage your contracts. What salient information do you really have in your legacy agreements? How does it vary? What’s important to you? Do you want to
Choosing a Contract Management System (a.k.a. Contract Lifecycle System) Read More »
