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? […]

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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 →
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 →

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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Data Extraction from contracts 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 […]

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

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In the last few years, all industries have been benefiting from an increase in automation, from robotics to software and Artificial Intelligence (AI) solutions to automated processes and tasks. According to different estimations, in the next decade, Artificial Intelligence is thought to replace 16% of jobs. Technologists are busy in their labs innovating advanced versions […]

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We’re seeing new flavors of technology impact just about in every part of our business lives. The practice of law is affected as well: new technology is profoundly changing the way law firms and legal departments operate. On top of that, technology is driving globalization, and the resulting geographic ‘spread’ of business is increasing. This […]

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In my earlier blog, I had given 5 steps to choosing a CLS.  Not all CLS’s are created equal.  You may first want to see what you require to manage your contracts.  What salient information do you really have in your legacy agreements? How does it vary? What’s important to you? Do you want to […]

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