Contract abstraction is a process that is typically too time-consuming for internal resources and too cost‐prohibitive to outsource. Many companies that do outsource abstraction face projects costing hundreds of thousands of dollars. Plus, even when outsourced, the planning, training, oversight, and checking of results still require a great deal of your staff’s time. Through automated […]

The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard […]

Contracts within an organization run like blood in a human body, they dictate every aspect of key business strategies and relationships. Poor contract management can hamper the success of your business and can lead to severe negative consequences. Here are some of the reasons why you need an effective contract management process: Knowing your obligations […]

Contract review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors that might have occurred a) at the time […]

It is essential to abstract all the critical elements in contracts if you want to be able to reliably search through required information on a computer. You expect to have all the information, not just some because it’s about accuracy and completeness. You can’t afford to miss even one critical element, as that can be […]

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 […]

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 […]

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 […]