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A small amount of risk can be fun, isn’t it? But when it comes to your organization’s legal department, it’s not welcome. However, every contract ,no matter how small or unimportant it might seem poses an element of risk, either big or small, to your company. By leveraging legal tech, you and your department can approve contracts faster without incurring more risk. Tools that provide better access to information, assist legal and business teams alike, and manage the full contract lifecycle help expedite the important, albeit time-consuming, contract risk management process. Here are five ways to get going.
Use Contract Templates
With quick and easy access to approved contract templates, you can skip the timely and risky process of creating contracts from scratch. An effective Contract Lifecycle Management (CLM) tool stores all of your company’s contracts as well as contract templates in a central, cloud-based space and allows your legal counsel to quickly and easily search for and access approved templates. By making it easier for attorneys to access contract templates, you can save time, reduce risk, and establish department-wide consistency. When your team works from an approved template, you can rest easy, knowing that all critical elements are included in each contract.
Quickly search and analyze key terms in third-party contracts
Any LegalTech tool that helps you locate and analyze key terms and concepts in a contract created by a third-party speeds up the review process while reducing the risks of manual review. You and your legal team can use a tool like Beveron’s Smart Legal Counsel to find and review important terms and concepts more easily. Smart Legal Counsel lets you locate which terms and concepts are important to you. The software then automatically highlights those terms in the document. This ensures that you will be able to find and address every instance of the key term in the contract — even if it’s located in an unexpected place.
Search previous related contracts for key terms
With an effective knowledge management system, your legal team can easily search for key terms in past contracts. This helps maintain consistency and helps you keep tabs on contract risk management. An effective Knowledge Management System (KMS) allows you to run advanced searches across your entire database of contracts, so you can easily find relevant previous contracts. For instance, if you’re reviewing a new contract under Dubai law, you can use the integrated KMS tools to search for all past contracts signed in Dubai and identify the legal language your organization has used in those instances. This saves you the time you would otherwise need to spend manually sifting through precedent materials, and it also creates a more consistent approach to contract review and drafting. This consistency, consequently, reduces risk for the company.
Enables faster and easier contract reviews
Automated legal tools like Smart Legal Counsel empower other team members — even those coming from a non-legal background- to gain legal’s approval on low-risk contracts more quickly.Smart Legal Counsel makes contract risk management easier by empowering business users to submit low-risk contracts, like NDAs,to a legal automation tool. The software works by creating tickets for issues of high, medium, and moderate risk. This allows business users to take an initial pass at contract review and negotiation while ensuring that key areas of risk won’t slip through the cracks.
. Execute approved contracts quickly and eﬀectively
Legal tech that manages the execution and maintenance of contracts saves time for the legal team and protects the company from financial risk.Cloud-based legal tech like Smart Legal Counsel from Beveron Technologies LLC, stores all key information in a central cloud- enabled location. This helps legal teams streamline the contract management process. With effective CLM software, for example, you can easily keep track of all relevant information and set necessary reminder alerts. This helps ensure you never miss an important deadline or fail to fulfill the terms to which the company has agreed.
When introducing a new LegalTech platform, it’s crucial to ensure that the new system will integrate easily with other components of your company’s tech stack. Such integrations reduce manual effort, eliminates duplication, and further streamlines your organization’s Contract Management Process.