Category: blog
CEO Blog 9: How do I extract contract obligations? And what do I do with the information?
Obligations and rights in a contract! Typically, in a contract, there is no specific section with says “Obligations”. Obligations and rights are strewn throughout the contract. Obligations typically say things like “Party will do…”, “Party shall do…”. Rights are typically outlined as “Party has the right to audit….”, “Customer may extend the agreement…”, “Customer is entitled to terminate […]
Read More →CEO Blog 8: What are the best practices for legacy contract migration/data extraction?
Not sure where to start? We’ve curated the best legacy contract migration/data extraction practices to get you started It’s important to cover the best practices, partially covered in the previous blogs. 1. Decide which contracts you want to migrate 2. Decide what data points you want to report on across a set of these legacy contracts 3. Set […]
Read More →CEO Blog 7: I want to know if my contracts are risky. How do I do that?
Aaah – a loaded question. There is much talk about software telling you if there is risk in your contracts. Well, what is a risk to you? That would be different than a risk to another company or someone else. To you, if the limitation of liability is capped to 2x the spend by the […]
Read More →CEO Blog 6: How do I prepare my legacy documents for ease of migration into a CLM?
The larger the company, the more the contracts – that is a given. The larger the company, the more divisions. The larger the company, the more these divisions work in silos. All companies run on contracts – buy-side and sell-side. When moving to a new enterprise or contract management lifecycle system no one wants to […]
Read More →CEO Blog 5: I have 300k documents! What do I migrate into a new CLM system?
Again, a frequently asked and pertinent question This is the fifth of a ten-part series on contract migration and related data extraction, which will help your legal teams gain a better understanding of the information included in all of your contracts. The first reaction is that EVERY document and EVERY data point needs to be […]
Read More →CEO Blog 4: Can AI software handle it all?
This is the fourth of a ten-part series on contract migration and related data extraction, which will help your legal teams gain a better understanding of the information included in all of your contracts. This is the most asked, if not, assumed (as yes) question! And a very pertinent one. AI Software is a necessary condition […]
Read More →CEO Blog 3: Can I extract and track my business specific information?
CEO Blog 2: What attributes do I extract and ingest into a CLM during the legacy contract migration process?
The first part of the series covered, what is legacy contract migration and why do I need to do it? Here we will discuss the next/second question that is asked very often too, what attributes do I extract and ingest into a CLM during the legacy contract migration process into a CLM? There is no […]
Read More →CEO Blog 1: What is legacy contract migration and why do I need to do it?
To kick off the series, let us first start with the simplest question – What is legacy contract migration and why do I need to do it? You are looking to install a Contract Lifecycle Management (CLM) system to get a handle on your contracts, what good is having a great CLM without any data? […]
Read More →Contract Intelligence is the key to greater transparency into your contractual terms
Obligation tracking: Stay on top of all your commitments
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 →Extracting essential data points from your leases
Lease extraction The process of retrieving relevant data points from your lease contracts can have a huge impact on your organization if not tracked properly. A summary of your lease contracts at your fingertips can save you time, money and mitigate the risk associated with non-compliance. The process of reviewing lease data for say asset […]
Read More →Contract Data Abstraction : 4 Signs to know you are ready
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 data abstraction means extracting important data points which include clauses, dates, and […]
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