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Unlocking More Profitable Business Relationships with Contract Automation Software For too long, business leaders have taken an adversarial approach to contract negotiations. Each side maintains an extreme partisan view of success and must win at the expense of the other. Outdated negotiation practices only encourage one-sided behaviors. Stakeholders huddle in their respective headquarters, carefully inspecting every clause for hair triggers that may detonate landmines hidden by the other side. They are misled by technical jargon…
Tools for managing contracts and contracting processes have existed for decades. Traditional contract lifecycle management (CLM) systems were aimed at digitizing existing processes, while tools like Microsoft Word aimed to digitize physical documents. In the new era of the cloud, AI, and in a business world where speed everything, it’s time to move to contract automation. Digitization was about replacing processes from paper to computers, automation is about transforming the processes so that both contracts…
There’s no doubt that Microsoft Word transformed how people create and edit content. However, Word is not always ideal for contract negotiation and multi-party collaboration, especially when it comes to the use misuse of Track Changes. Even those most proficient in Word have admitted to these “Doh!’ mistakes: Remembering to turn on track changes It’s become a natural reflex to open up a document you receive and start editing immediately. Sometimes you’ve gone too deep before realizing that…
Contracts govern the flow of an organization’s finances. Whether they are with clients, vendors, employees, or business partners, contract terms determine a great deal about the money coming in and out of your company. How you manage contracts also influences your company’s revenue in surprisingly hidden ways. Factors that impact the economics of contract management, include conditions and activities related to creating and negotiating contracts, managing risk, and monitoring the performance of contracts. Though they…
Contracts and bills of sale have evolved considerably since the days when terms between two parties were laboriously etched in ancient stone and pressed into clay tablets, or written by dedicated scribes on brittle papyrus scrolls. Nevertheless, the medium and method of contract negotiation has remained uncomfortably static for decades. The advent of office applications such as WordPerfect and Microsoft Word brought the legal industry into the digital age, but the usual contract negotiation process…
Contracts and bills of sale have evolved considerably since the days when terms between two parties were laboriously etched in ancient stone and pressed into clay tablets, or written by dedicated scribes on brittle papyrus scrolls. Nevertheless, the medium and method of contract negotiation has remained uncomfortably static for decades. The advent of office applications such as WordPerfect and Microsoft Word brought the legal industry into the digital age, but the usual contract negotiation process…
In the annals of contract drafting blunders, one that stands out prominently is the dispute over whether BP Plc was covered by certain insurance policies for the 2010 Deepwater Horizon oil rig disaster. The story illuminates what can go wrong with unstructured contract processes. After oil had spewed uncontrollably into the Gulf of Mexico for 87 days in the worst offshore spill in U.S. history, seriously damaging coastal businesses, wildlife and the environment, BP naturally…
Over the past two decades, cloud technologies have completely transformed how we work. Expensive client-server applications such as CRM, ERP, Project Management, Collaboration, and many others gave way to nimble web-based apps with per-user pricing models and low or no up-front costs. So why is it that in the age of social and mobile web applications, we still negotiate contracts like it’s 1996? We still draft contracts in MS Word, email them to relevant stakeholders,…
Over the past two decades, cloud technologies have completely transformed how we work. Expensive client-server applications such as CRM, ERP, Project Management, Collaboration, and many others gave way to nimble web-based apps with per-user pricing models and low or no up-front costs. So why is it that in the age of social and mobile web applications, we still negotiate contracts like it’s 1996? We still draft contracts in MS Word, email them to relevant stakeholders,…
CEOs see their in-house counsel as advisors who should support business objectives. Yet legal departments are under increasing pressure to justify their value, increase efficiency and control costs. Those were some of the findings of the Chief Legal Officer survey, released the consulting firm Altman Weil. The survey, based on responses from 336 law departments nationwide, showed that legal budgets are increasing. But legal departments are still stretched thin as lawyers contend with an…