Contract Management Blog Articles

On the heels of CLOC, we are still reverberating with excitement from all that we learned and experienced!

CGI 2023 always delivers valuable insights, sessions, and networking opportunities while providing attendees with unforgettable after-hours events and this year was no exception. From a delightful dinner hosted by Malbek and ModCounsel at Beauty and Essex to a lively wine tasting event, these gatherings brought together legal professionals in a relaxed and engaging atmosphere where they were able to discuss exciting innovations on the horizon, discuss shared concerns, and have intimate conversations.

Have you noticed an increase in Non-Disclosure Agreements (NDAs) volume at your company?

These legally binding documents help safeguard valuable information by providing mechanisms for sharing and protecting confidential information. In fact, according to HBR researchers, over one-third of the U.S. workforce is now bound by an NDA. Malbek’s CLM software, Contrax, allows you to track agreements and revenue while uncovering actionable trends using our software's data. If your company notices a significant increase in demand for these documents, consider this a great indicator that your business is growing.

The highly anticipated CLOC Global Institute is just around the corner, and legal operations rockstars from around the world are preparing for an exciting and informative experience in Las Vegas.

As you gear up for this remarkable event, I’ve compiled a list of seven critical tips to help you make the most of your time at CGI 2023. Being that this is my 3^rd time at CGI, each time I learn and improvise. From networking to session planning and embracing the Vegas ambiance including evening parties, these suggestions will ensure that you have an engaging and fruitful experience.

Contracts are often referred to as the lifeblood of an organization, as they are the backbone that establishes and governs transactions between parties, including the buying and selling of goods and services.

Thoroughly reviewing contracts is critical to ensure that the terms and conditions of the agreement accurately reflect the transaction contemplated by the parties. By keeping these seven tips in mind before and during your review, you can help yourself and others navigate the complex process of contract review.

Contracts are crucial to the success of a business – the bedrock for commercial relationships and agreements. With the increasing complexity and volume of contracts, organizations are turning to technology to effectively manage and analyze their contractual relationships and documents.

Let’s explore the concept of contract analytics and its potential to transform your business.

The language we use in contracts is carefully chosen to ensure that the terms are precise, unambiguous, and clear to all parties involved. With the advent of generative AI, tools like ChatGPT have become increasingly popular for assisting with tasks like contract drafting and contract review.

Awareness of the potential unintentional bias in these AI-powered tools is important. We can work towards a more equitable drafting process by gaining a deeper understanding of unintentional bias in AI and taking steps to address it.

Consistency and reliability are key when it comes to effective contract lifecycle management. If your CLM processes are unorganized, hard to follow, or just plain unreliable, it can have serious consequences and downstream effects — slow contract cycle times, strained relationships, or worse, a hit to your bottom line.

Oh man, it’s crazy that Legalweek is already here. Everyone is probably so excited to learn all sorts of new things and get the pulse on the industry. So to get started, we came up with some common questions that we have been asked and some great answers.