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Welcome to the Brightleaf CEO blog series on Legacy Contract Migration/Extraction. Explore why your business needs to extract and migrate its legacy contracts. Companies that are embarking on getting a handle around their contracts, tracking the salient terms and data points, creating templates for contract types and clause libraries, workflows, etc. often ask Brightleaf similar [...] Read More →

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

As part of the legacy contract migration/data extraction series of blogs, here is the 3rd one of the series. Can I extract and track my business-specific information? But of course! In fact, 30-40% of the information that Brightleaf extracts are our clients’ business-specific information. To give an example, for a Class 1 Railroad company, we [...] Read More →

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 […]

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? […]

What is contract intelligence? Contract intelligence is the process of learning and utilizing knowledge gathered using AI-assisted contract analysis to transform contracts and agreements into valuable business assets. It empowers you to have contract visibility and take actionable insights from your contracts. It not only helps in providing transparency but also in monitoring key performance [...] 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 […]

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 […]

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 […]

Extracting key data elements i.e. metadata from contracts is not an easy chore. Done manually, you would need to open each and every contract (which in itself is a time-consuming task), search through the full document for many different types of language, and copy and paste it into a tool like Excel. What is Metadata? [...] Read More →

OUR THOUGHTS

Category: blog

CEO Blog 10: Legacy contract migration/data extraction

CEO Blog 9: How do I extract contract obligations? And what do I do with the information?

CEO Blog 8: What are the best practices for legacy contract migration/data extraction?

CEO Blog 7: I want to know if my contracts are risky. How do I do that?

CEO Blog 6: How do I prepare my legacy documents for ease of migration into a CLM?

CEO Blog 5: I have 300k documents! What do I migrate into a new CLM system?

CEO Blog 4: Can AI software handle it all?

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?

CEO Blog 1: What is legacy contract migration and why do I need to do it?

Contract Intelligence is the key to greater transparency into your contractual terms

Obligation tracking: Stay on top of all your commitments

Extracting essential data points from your leases

Contract Data Abstraction : 4 Signs to know you are ready

Ways to extract information out of contracts