In contract management, 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 which might have occurred a) at […]

Read More →

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 […]

Read More →

In our previous blog, we discussed the importance of analyzing the contract from a legal perspective. Now let’s discuss what are the major types of clauses an analyst comes across while analyzing a contract: Standard clauses – As discussed in the previous blog, it is the boilerplate provision that occurs frequently. They are generally consistent […]

Read More →

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 maintain that software. And it’s not just one software package, it’s a number of different ones […]

Read More →

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 is, therefore capturing information hidden in these contracts is not that straightforward. Clauses can be expressed differently […]

Read More →

Effective access and use of data have changed the way companies are operating their business in this highly competitive and challenging environment. This ever-increasing amount of dynamic data is becoming too much for human processing and analysis. There is so much data being produced that without the help of an automated system this scattered information […]

Read More →

On September 01, 2017 the Federal Reserve Board (FBR) and the Federal Deposit Insurance Corporation (FDIC) finalized the amended rules for qualified financial contracts (QFC) of global systematically important banking organizations (GSIBs) and the US operations of non-US GSIBs. The new amendment concentrates on qualified financial contracts of covered entities, which includes: • Swaps and […]

Read More →

Legacy data is the data from your legacy or your older contracts. These are contracts that have been executed prior today. They may be current and still relevant or may not be (expired). it is important to track legacy data for the following reasons: Information- much knowledge in the old contracts. This is lost if […]

Read More →

As a company growth graph moves upward, having a Contract lifecycle management system in place is the way to manage all your contracts. It is a single unified repository to track contracts better. Reports generated through these systems help businesses to make better-informed decisions. A contract lifecycle management system enables you to: Report and act […]

Read More →

When people plan a contract management system, their immediate concerns tend to focus on finding their contracts and reporting on standard metadata, including contract owner, contract status and renewal date. A centralized repository takes care of the first need. Configured reports set up for specific contract metadata address the second need. But beyond standard contract […]

Read More →

Contract Lifecycle Management (CLM) has become a top priority for C Level Executives worldwide. CLM systems are no longer a “nice to have” initiative, but rather a “need to have” business practice. The efficiencies introduced by an automated contract lifecycle solution are numerous – and, as the name suggests – it addresses the complete lifecycle […]

Read More →

A unanimous move to protect data from cyber attacks and breaches, GDPR is a regulation and not just a directive, that has to be followed by all the organizations operating within Europe, European residents as well as by all the Non-European organizations trading with European nationals or companies. This regulation will bring a new set […]

Read More →

Organizations, be small or large, manufacturing or technology, product based or service based when doing business with their suppliers or customers need to put their commitments in writing to avoid any confusion or overlooks. Here comes the need for a contract, a written document which comes with a legal binding to render services promised to […]

Read More →