Contract management is the hottest segment in legal tech all across the globe. But are CLM platforms doing enough to fulfill business needs?

We spoke with Anand Babu, founder of Koncord Law according to whom we need to think beyond lifecycle management and develop solutions for the performance/execution of the contracts.

Anand argues that contracts, at least of a certain (deterministic) kinds, can and should be programmed as self-executing smart contracts. And that’s what his team at Koncord Law is busy developing.

Anand and his team at Koncord Law have recently launched their flagship product, ContractsPlus. In the coming months, they expect to launch more versions of the tool which uses machine learning and smart contracts to create powerful automated workflows.

Episode highlights

Contract Lifecycle Management

  • Anand briefs us on the historical context of how Contract Lifecycle Management used to function and how they have changed.

  • Contract lifecycle management tools are still facing the same challenges today as back in 2011.

  • See: 01:03

Shortcomings of CLMs, why performance management is needed

  • The contracts need constant revision and the risk of human error in detecting and maintaining the contractual terms is high. Due to this human error, what remains a big challenge for CLM tools is revenue leakage.

Revenue leakage – one of the biggest challenges for the Contract Lifecycle Management tools

  • Due to human error, mismanagement, or lack of organization which based on the contractual terms it could lead to revenue leakage, it can be reduced if we have machines do it and it becomes automatic.

  • See: 08:21

Contract Plus as a tool

  • Contract Plus is a newly launched blockchain-powered contract lifecycle management platform that enables businesses to efficiently manage contracts throughout their lifecycle, from authoring to post-execution monitoring.

  • See: 13:11

Contract Plus demo

  • In this part of the interview, Anand walks us through the tool while screen-sharing and demonstrating.

  • See: 16:37

Smart contracts

  • Do companies need to have certain processes or practices to be able to adopt smart contracts in their workflow?

  • See: 24:33

Competitive market and difficulties faced by developers in creating self-executing contracts

  • Who else in the market is going after the same concept?

  • What are some of the difficulties that developers are facing in creating self-executing contracts?

  • See: 26:02

Ricardian contracts

  • What are Ricardian contracts?

  • Their main goal and work towards creating a common language for contracts across the globe.

  • See: 26:52

Why can’t a contract be a pictorial document

What is Koncord Law’s investment outlook

  • As a startup with a small team but a big goal behind it, what would be the best approach regarding investments for Koncord Law?

Transcript

Related content

Get featured

Interested in highlighting your legal tech startup, do a video interview, or publish a guest post on Indian Legal Tech? Reach out to us here.

Follow Indian Legal Tech

 

FOLLOW INDIAN LEGAL TECH