Have you updated the Force Majeure clause with COVID-19 in your existing contracts? If not, this is the best opportunity to modify the existing clause in all your legacy contracts and include it in future contracts. Force Majeure clause is one of the important clauses to include in a contract that relieves the parties from […]
Contracts and the COVID-19 Crisis: Force Majeure Clause Read More »
A General Counsel’s role is no more giving legal advice to the company, it has evolved more than this. They need to make the business model as resilient and flexible as possible. As a company grows the number of contracts also grows. It becomes very important for a GC to spend time analyzing the company’s
GCs to completely rethink the approach to manage contracts Read More »
Manual Summarization This is the most common and traditional way of summarizing contracts; it is best suited when summarization needs close attention from a legal expert to provide detailed and tailored results. It can be undertaken immediately with the help of an in-house legal expert. This is an easy and valuable way of summarization when
Understand different ways to do contract summarization Read More »
Data Extraction from contracts The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. It is difficult to achieve very high accuracy from software and consistency from manual methods. Yet we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for
Why the hybrid solution is better than owning software for contract data extraction Read More »
A Procurement Management Process helps companies purchase goods and services from external suppliers, it further includes a series of activities and processes. The procurement management process comprises planning, selection, administering, and closing procurement i.e. awarding and managing the contract. It is vital for any organization to have a proper procurement management system so to avoid
Understanding procurement management, the simple way Read More »
What is a breach A breach is an unjustified failure to perform the terms of a contract. It could include any kind of failures such as failure to deliver services, failure to perform the job, failure to pay on time, and many more. Contracts are usually made in order to formalize an agreement and to
Contractual Breaches: secure yourself from a probable negligence Read More »
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.
Why there is a need for implementing a CLM solution? Read More »
Blockchain is the technology that runs behind bitcoin the first digital cryptocurrency. It is a distributed public ledger that is used to record transactions across many computers so that it can’t be altered without the modification of all subsequent ledgers and the consensus of the network. Blockchain is a decentralized, peer-to-peer, immutable storage network that
Blockchain- Hottest technology of its time Read More »
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
[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
Unleash potential of contracts by abstracting key data points Read More »
