CLM Glossary

A Malbek Milestone: Our Series A Funding Round

Today I am thrilled to announce the closing of our Series A funding round of $15.3 million!

A Quotable Guide to Envision 2020

Thank you to everyone who made Envision 2020, Malbek's first ever user conference, such an energizing and valuable experience! (more…)

A Year in Review: 2022

What a year 2022 has been. Malbek has grown exponentially this year, all thanks to our amazing team. We've seen a lot of changes and a lot of improvements. It's been a good year! So, without further ado, here's 2022 in review

Adobe Sign

Electronic Signature

Malbek x Adobe Sign

Obtain electronic signatures seamlessly and with confidence—effortlessly streamline contract execution, mitigate bottlenecks, and fortify accountability with Malbek's seamless integration with Adobe Sign.

Simplify contract execution with Malbek and Adobe Sign.

Experience a transformative approach to contract execution with Malbek's integration with Adobe Sign. Streamline the process of obtaining electronic signatures with ease and confidence, reducing bottlenecks, expediting contract timelines, and enhancing overall accountability. This synergy empowers you to elevate your contract lifecycle management to unprecedented efficiency.

Efficiency Redefined

Simplify contract execution, diminish manual coordination, and expedite timelines with Malbek and Adobe Sign, ensuring a streamlined and efficient process.

Digital Experience

Transform your signing process into a seamless, expedited experience, allowing signatures to be obtained anytime, anywhere, thereby enhancing customer experience, brand reputation, and attracting new business.

Accelerated Workflows

Configure automated signature routing rules, eliminating manual efforts, and seamlessly propel contracts through the workflow into the e-signature state. This reduces unnecessary back-and-forth, accelerating the signing process.

Security and Compliance

Elevate security with authentication, digital certificates, and a second level of password authentication. Ensure the authenticity and integrity of signed documents while adhering to global standards and regulations.

Unlock efficiency and empower your teams.

Simplify contract execution, enhance efficiency, and elevate security with Malbek's seamless integration with DocuSign. Enjoy a seamless digital signing experience, accelerated workflows, and fortified compliance, ensuring a streamlined and secure contract management process.

Key Features

How Adobe Sign integrates with Malbek

Automated Signature Routing:

Configure rules for automated signature routing based on various parameters, such as cost center, department, agreement type, and contract value, streamlining the process and ensuring contracts reach designated signatories seamlessly.

Real-Time Tracking:

Enable teams to track the status of signatures on contracts in real-time, fostering transparency, enhancing communication, and allowing prompt identification of any issues that require immediate attention.

One-Click Signatures:

Leverage Malbek's out-of-the-box configurability to swiftly move a new request and draft contract from the workflow into an e-signature state with a single click, providing a quick and efficient route to obtaining electronic signatures.

Enhanced Security:

Ensure legal compliance by leveraging Adobe Sign's adherence to global standards and regulations, safeguarding the authenticity and integrity of all signed documents.

AI Contract Review: How AI Speeds Up & Secures Your Deals

Companies are constantly navigating complex agreements, and even the slightest oversight can lead to costly consequences. This is where AI contract review emerges as a game-changing solution, revolutionizing the way organizations approach this critical process. With its ability to analyze contracts at lightning speed, AI contract review promises to streamline workflows and fortify legal safeguards. 

While human lawyers spend an average of 92 minutes reviewing contracts, AI accomplishes the same task in seconds. AI-powered contract review offers time- and budget-related benefits, and more precision, and can become a handy tool onsite and in the office for legal professionals working with legal documents.

What is AI Contract Review?

AI contract review is a cutting-edge technology that harnesses the power of artificial intelligence to streamline and enhance the contract review process. At its core, it leverages advanced techniques such as Generative AI, natural language processing (NLP), machine learning (ML), and optical character recognition (OCR) to analyze contracts and extract vital information.

NLP empowers AI contract review assistants to comprehend and interpret complex legal language, enabling them to identify key elements like parties involved, clauses, and terms and conditions. Machine learning algorithms continuously learn and improve from data, allowing the AI to recognize patterns, flag potential risks, and ensure consistency across contracts. Additionally, OCR technology seamlessly converts scanned or image-based contracts into machine-readable text, facilitating comprehensive analysis.

Through the advent of Generative AI, contract review and enhanced comprehension helps you gain actionable insights into your negotiating position by swiftly identifying balanced terms aligned with policies and legal standards. Identify unfavorable clauses for revision, empowering informed decision-making and expedited negotiations.

Through this powerful combination of AI capabilities, contract review software can swiftly scan and dissect intricate agreements, pinpointing critical details, inconsistencies, and potential areas of concern with remarkable accuracy and speed.

How AI Streamlines the Contract Review Process

AI contract review software empowers organizations to streamline the contract review process at an unprecedented level. Unlike generalized language models like ChatGPT, which are subject to limitations and policies that restrict their exploration of legal nuances, professional AI contract review solutions are purpose-built to delve deep into the intricacies of contractual agreements.

These advanced tools leverage AI capabilities to accelerate various aspects of the review process, including:

• Identifying parties: Swiftly recognizing and verifying the names, titles, and entities involved in the contract, ensuring no key details are overlooked.
• Analyzing terms and conditions: Meticulously examining each term, condition, and associated deliverable, flagging ambiguities or unclear clauses to facilitate the negotiation of favorable terms.
• Ensuring financial clarity: Diligently ensuring payment terms, due dates, and penalties are clearly defined and free from discrepancies.
• Flagging risks: Rapidly identifying potential pitfalls, unfavorable conditions, or unbalanced terms that require further scrutiny.
• Checking for consistency: Cross-referencing the contract against provided reference documents in seconds, ensuring seamless alignment and adherence to standards.

Additionally, AI contract review software streamlines the process by:

• Automatic setup of new contracts
• Effortless clause identification and streamlined navigation
• Continuous learning and customization capabilities

By leveraging these advanced AI capabilities, organizations can significantly accelerate the contract review process, empowering legal teams to focus on higher-value tasks while ensuring uncompromising accuracy and consistency.

Benefits of AI Contract Review

Introducing AI for contract review processes unlocks a multitude of benefits that can revolutionize an organization's contracting processes. 

Increased Efficiency and Time Savings

AI contract review tools automate the labor-intensive tasks associated with manual contract analysis, significantly reducing the time required for review cycles. This efficiency gain allows legal teams to focus their efforts on more strategic, high-value activities, ultimately accelerating the overall contract workflow.

Enhanced Accuracy and Consistency

Human error is an inherent risk in manual contract review, as even the most diligent professionals can overlook crucial details. AI for contract review mitigates this risk by consistently and meticulously analyzing every clause, term, and condition with unwavering precision, ensuring a uniform and accurate review process across all contracts.

Improved Risk Assessment and Compliance

AI contract review solutions are adept at identifying potential risks, non-compliance issues, and unfavorable terms that may be buried within complex legal language. By flagging these areas of concern, organizations can proactively address risks and ensure compliance with relevant regulations and internal policies.

Scalability and Volume Management

As businesses grow, the volume of contracts they handle can quickly become overwhelming. AI contract review tools effortlessly scale to handle thousands of contracts with the same level of accuracy and speed, empowering organizations to manage their increasing workloads without compromising quality.

Customization and Continuous Learning

AI for contract review is not a one-size-fits-all solution. These advanced systems are designed to adapt and learn from user feedback and organizational data, continuously refining their approach to align with an organization's specific needs and evolving business requirements.

Limitations and Considerations AI Legal Contract Review

While the benefits of AI contract review are compelling, it's important to recognize and address its potential limitations and considerations. First and foremost, AI systems, no matter how advanced, shouldn't be viewed as a complete substitute for human legal expertise. While AI is excellent at recognizing patterns, extracting information, and highlighting potential problems, it doesn't have the sophisticated understanding and judgment that experienced lawyers possess.

It's therefore essential that they continue to be supervised and reviewed by humans, especially for high-stakes or complex contracts. AI should be seen as a powerful tool that augments and supports human decision-making, not as a sole arbiter.

Data protection and security are also critical considerations when implementing AI solutions for contract review. These systems can handle sensitive and confidential information, so it's essential to choose a solution that meets the highest standards for data protection and compliance. Companies need to carefully review the security measures in place, such as encryption, access controls, and data processing policies.

In addition, choosing the right AI contract review solution is crucial. Not all solutions are created equal, and organizations must carefully assess their specific needs, industry requirements, and the capabilities of the AI system. Choosing a solution that can be customized and tailored to the organization's unique contracting processes and legal frameworks is essential for maximizing the benefits and minimizing potential risks.

Best Practices for Implementing AI Contract Review

To successfully integrate AI contract review into an organization's workflow, it's important to follow best practices that ensure a smooth transition and maximize the benefits of this powerful technology. Here are some practical tips:

• Establish clear policies and processes: Before implementing AI contract review, organizations should develop clear policies and processes that define the roles and responsibilities of the AI system and human reviewers. This includes defining the scope of the AI review, identifying contract types and clauses that require human oversight, and establishing approval workflows.
• Train AI systems with relevant data: The effectiveness of AI contract review is highly dependent on the quality of the data used to train the system. Companies should invest time and resources in compiling a diverse and representative data set of their contracts to ensure that the AI system is familiar with a variety of language, terminology, and clause variants typical to their industry and organization.
• Promote user adoption and feedback: Successful adoption of AI contract review requires buy-in from all stakeholders, including legal professionals, contract managers, and business units. Organizations should provide comprehensive training and support to address any concerns and fears about the technology. Establishing a feedback loop also allows users to provide valuable insights that can be used to further develop and improve the AI system.
• Maintaining data security and compliance: Data privacy and security should be a top priority when implementing AI contract testing. Organizations must ensure that the AI solution complies with industry-specific regulations and internal policies for data handling, storage, and access control. Regular audits and security assessments should be conducted to identify and eliminate potential vulnerabilities.
• Continuous monitoring and improvement: AI contract review is not a one-off implementation, but requires continuous monitoring and improvement. Companies should establish procedures to regularly assess the performance of the AI system, identify opportunities for optimization, and incorporate feedback and updates to improve the accuracy and efficiency of the system over time.

The Future of AI in Contract Management

As the technology continues to evolve, we expect Generative AI to play an even more prominent role in streamlining and optimizing the entire contract lifecycle. From intelligent contract drafting and negotiation to advanced analytics and predictive modeling, AI will empower organizations to gain unprecedented insights and efficiencies.

One of the most promising developments is the integration of AI capabilities into comprehensive contract lifecycle management (CLM) solutions, like those offered by Malbek. These platforms leverage AI to automate repetitive tasks, extract key data, and provide intelligent recommendations, enabling organizations to navigate the complexities of contract management with ease.

To embrace these advancements, organizations must cultivate a culture of continuous learning and adaptation. Investing in employee training, fostering collaborative environments, and staying abreast of emerging technologies will be crucial. 

Conclusion

The time has come to revolutionize your contract review processes. By harnessing the transformative power of AI, you can unlock a world of unprecedented efficiency, risk mitigation, and business growth. Imagine seamlessly navigating through complex agreements, with AI technologies like natural language processing, machine learning, and large language models as your trusted copilots.

Critical clauses will be identified with pinpoint accuracy, potential pitfalls flagged before they become issues, and customized insights delivered to empower more strategic decision-making. The era of manual, error-prone reviews will become a relic of the past as you continuously refine and optimize your AI-driven workflows.

Don't let your organization fall behind in this era of digital disruption. Embrace AI contract review as the catalyst for elevated productivity, reduced legal exposure, and a sustained competitive advantage in your industry. The future of intelligent contracting awaits - a future where you dictate the terms of success. Unlock your true potential with Malbek AI Pro.

AI-Powered Contract Management Software in 2024

In this exploration of the future, let's dive into the impact of AI-powered contract tools, unlocking the potential to drive enhanced efficiency, reduce risks, and revolutionize the very fabric of contract management workflows. From automated document analysis to the intricate dance of risk assessment, join us on a journey through the key aspects of this AI-powered revolution.

In a world where the term "AI" has become the buzzword of the century—echoing in boardrooms, webinars, and industry conferences—it's easy to dismiss it as just another fleeting trend. Yet, amidst the chatter and the occasional eye roll, the truth stands strong: Artificial Intelligence is not just here to stay; it's here to redefine, reimagine, and revolutionize the way we navigate the intricate world of contracts.

As we wade through the waves of AI discussions saturating the business landscape, it's crucial to recognize that this isn't merely a bandwagon that will eventually lose its charm. No, the integration of AI into contract management is not just a trend—it's a seismic shift. A transformation so profound that as we step into 2024, organizations are no longer asking if they should embrace AI in contract management but rather how swiftly and effectively they can adapt.

The integration of AI into contract management brings about a multitude of advantages that not only streamline processes but also enhance the overall efficiency of organizations. 

CLMs hold exciting possibilities, driven by ongoing advancements in artificial intelligence and a growing recognition of the value that AI brings to contract-related processes.

Below are some exciting 2024 trends to look out for:

• AI Contract Review and Redlining: A critical aspect of contract management is the review and redlining process. Traditionally a manual and time-consuming task, AI is revolutionizing this aspect of contract management.
• Insights for Strategic Decisions with AI-Driven Contract Analytics: AI contract analytics can offer deep insights into the terms and conditions of contracts, identifying potential risks and opportunities. This level of analysis goes far beyond what a human reviewer can achieve, providing a strategic advantage to businesses in negotiations and decision-making processes.
• AI Contract Data Extraction: When it comes to AI contract review, the ability to quickly and accurately extract data is paramount. AI excels in this area, automating contract data extraction, ranging from key terms and obligations to deadlines and payment details, which not only speeds up the review process but also ensures that no crucial details are overlooked.
• AI Contract Templates: Looking ahead, AI is poised to play a more active role in contract drafting. Not necessarily drafting a contract from scratch but helping build robust contract templates that align with the organization’s goals and legal requirements, enhancing both the efficiency and quality of contract drafting. Imagine being able to upload a contract and build a template in seconds!
• Advanced Natural Language Processing (NLP):  Future AI-powered CLM will boast improved natural language processing capabilities, enabling systems to better understand and interpret the nuances of complex legal language. If you have hundreds, thousands, or tens of thousands of contracts, searching for the one you need can sometimes feel daunting. This is where NLP makes a big difference. Searchable and accessible contracts will aid in formatting, analysis, and risk assessments.
• Blockchain and Smart Contracts: Blockchain technology has been talked about in practice for years with no real implications on CLM. However, Blockchain has the potential to drastically enhance the security and transparency of contract management. Blockchain's immutable and transparent nature can be leveraged to create tamper-proof audit trails for contract changes and execution. Additionally, smart contracts can streamline processes by automating tasks such as payment transfers, document verification, and other contractual actions. This reduces the time and resources required for contract execution.

AI plays a central role in contract intelligence software, providing advanced capabilities that go beyond traditional contract management solutions.

Contract intelligence software, powered by AI, encompasses a range of functionalities. These include automated contract data extraction, contract review, contract analytics, and even contract drafting. The seamless integration of these AI-driven features creates a holistic solution that addresses the entire contract lifecycle, from creation to analysis.

One of the most compelling aspects of AI-powered contract management software is the ability to automate various processes, including the redlining of contracts.

Redlining, the process of marking and tracking changes to a contract, can be a time-consuming task. AI automates this process, significantly reducing the time required for manual review and revisions. This not only accelerates the contract lifecycle but also minimizes the risk of errors introduced during manual redlining.

Automated redlining is crucial in a fast-paced business environment where quick turnarounds are often required. By streamlining this process, organizations can expedite negotiations, seize business opportunities, and maintain a competitive edge.

AI-powered contract management solutions find applications across various teams within an organization, providing value in diverse scenarios.

• Legal Teams: Legal departments benefit from AI contract software by automating routine tasks, allowing legal professionals to focus on high-value activities such as legal analysis, strategy development, and negotiations. AI also ensures that contracts comply with the latest legal standards and regulations.
• Procurement Teams: AI contract software enhances the efficiency of procurement teams by automating the vendor contract lifecycle. It streamlines the creation, review, and approval of contracts, ensuring that procurement processes are seamless and compliant.
• Sales Teams: Sales teams can leverage AI contract solutions to accelerate the contract negotiation process. By automating redlining and ensuring the accuracy of contract terms, sales professionals can close deals more efficiently and with reduced risks.
• Compliance Teams: AI contract review software aids compliance teams in monitoring and ensuring adherence to contractual obligations. By providing real-time insights into contract performance, AI powered software help identify and mitigate risks associated with non-compliance.

In the realm of AI-powered contract management solutions, Malbek stands out as an industry leader. Our innovative approach to contract intelligence software sets us apart from other tools in the market.

Malbek's AI solutions are designed to streamline and enhance every aspect of contract management. From automated contract review to sophisticated contract analytics, Malbek's platform leverages the power of AI to deliver unparalleled efficiency and accuracy. The platform's intuitive interface makes it accessible to users across various departments, fostering collaboration and ensuring that all stakeholders can benefit from its advanced features.

One groundbreaking development from Malbek is the introduction of advanced generative AI innovations, marking a significant leap in the evolution of their legal technology. These innovations showcase Malbek's commitment to pushing the boundaries of AI in the legal landscape. The introduction of generative AI enhances Malbek's capabilities in contract drafting, providing users with an even more intelligent and adaptive legal co-pilot.

Bek, our legal copilot, solidifies its position at the forefront of the industry. As regulations and business requirements evolve, Malbek ensures that its AI algorithms remain cutting-edge, offering users a powerful tool that evolves with the dynamic legal landscape.

In addition to its technical capabilities, Malbek also prioritizes user experience. The platform is designed with a user-friendly interface, making it easy for legal teams, procurement professionals, and other stakeholders to navigate and utilize its features effectively.

Malbek has many AI advancements on the horizon this year!

As we venture into 2024, the integration of AI into contract lifecycle management is set to redefine how organizations handle their contractual obligations. The benefits of AI contract intelligence software, from automated contract review to advanced analytics, offer a glimpse into the future of a more streamlined, efficient, and strategic approach to contract management.

Malbek's leadership in the industry exemplifies the potential of AI-powered solutions to revolutionize contract management. As businesses increasingly recognize the value of AI in optimizing their operations, we can expect continuous innovation and refinement in contract intelligence software, shaping the future of how organizations manage their contractual relationships. Embracing these advancements will not only enhance operational efficiency but also empower businesses to make more informed and strategic decisions in an ever-evolving business landscape.

Ask an Attorney: Wet Signatures vs. eSignatures—Which Is Better?

You’ve likely heard the term wet signature and may have wondered what the heck is a wet signature?

A wet signature is simply a signature using a pen, pencil, or seal on a physical document. For a long time, wet signatures were commonly used to represent a binding contract.