Contract Management Services
CONTRACT DRAFTING, RED-LINING, NEGOTIATION AND EXECUTION: Consulting with In-House Counsel or an attorney is wise, especially if there are any uncertainties. Better yet, use a preset template drafted by your legal team to ensure all the information is up-to-date and all required clauses and terms are automatically included. When authoring the terms of the contract, it’s also important to pay attention to specific wording. Any ambiguity leaves a contract up for interpretation, even down to a comma. Geographic laws will also need to be taken into consideration, especially if the two parties are at different locations. No matter how much research, planning, and preparation goes into the first draft of a contract, negotiation almost always follows. Contract negotiation should begin with transparency and trust. Anticipating and researching the other party’s needs before the conversation simplifies the process and creates a strong foundation for a lasting relationship. As Redlining begins, it’s easiest to use a contract management platform/ Tool so both parties can review the operating document to make changes and collaborate it in real time. Email and offline documents can be puzzling and cause damaging mistakes, but a single source of platform will result in quicker negotiations and a contract that provides visibility for both sides. The signing should be the simplest part of a contract that both parties would agree, the wording is exact, and the next step is simply making it official. However, many businesses make agreements across the country or even the globe, and getting signatures is not as straightforward as meeting in person. Especially if deadlines are tight or time zones are incompatible, overnight mail or even email may not be the best way to get signatures faster. A legally binding online signature (e-signature) can solve all these problems, allowing you to move faster, accelerating signatures and revenue. Contract Abstraction & Summarization Contract Abstraction or Contract Extraction is the method wherein a summarized statement of important points like, effective dates, expiration dates, clauses, the scope of work and other important information are extracted from a contract. It is a kind of legal coding where tagging of all important terms, Metadata, etc. are done. It is useful in dealing with lengthy, voluminous and complex contractual documents since it provides brief of a contract with all important points.