Contracts are an integral part of any business relationship and staying on top is critical. Automated abstraction gives legal, contracts, and procurement professionals the ability to efficiently and cost-effectively abstract key information from their contracts and improve how they manage contractual obligations. Contract abstraction simply means extracting important data points which include clauses, dates, meta-data […]

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Unlock insights from within your contracts and bring business-critical information to the forefront Do you truly know what the clauses, provisions, and terms that are buried inside your legacy contracts say? For most organizations, the answer is: NO Extracting key data elements from your legacy contracts is not an easy chore. Consider that when the […]

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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 […]

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Manual Summarization This is the most common and traditional way of summarizing contracts; it is best suited when summarization needs close attention of 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 […]

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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 data extraction from contracts. […]

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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 […]

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In today’s scenario legal business homes, legal firms and organizations all across the world are getting into a whole bunch to thousands of contracts on a usual, which ends in an exceedingly giant, scattered and cumbersome storage of varied sorts of legal contracts clause that’s arising in varied contracts. The cycle of a contract doesn’t […]

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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 contract, say when creating a contract there can be communication gaps leading to […]

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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. With a […]

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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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What is a contractual obligation? An obligation is a necessity, a bond, a guarantee; something that must be performed. Lawful wording stipulates the utilization of “will” and “should” to state firm Obligation in an agreement or a guideline. The expressions “will” and “may” are likewise used to demonstrate less strong duties, yet are none the […]

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Contract lifecycle management popularly known as CLM is the process of managing contracts from requesting a contract to the disposition of the contract. Various tools and software are available in the market to handle this process effectively. Morden era tools even allow automated drafting, redlining, digital signatures and compliance management on tool itself. Implementing an […]

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Big data is an extremely large set of data that primarily consists of three characteristics volume, velocity or variability which requires storage, interpretation, and analytics to figure out the meaning. Here, data sources could be anything like social media comments, tweets, sensors, health records, smartphones and on and on. Deep down this data has a […]

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