Legal technology provides appropriate solutions for end-to-end contract management for legal departments with the blockchain and AI capabilities for contract life cycle management. In a way, smart contracts have led to a far more efficient system for contact management that has led to a transformation within the legal department during recent years.
Contract management is 'the' most ubiquitous functions for any corporate legal department. The legal teams tasked with creating, managing, and administering contracts are responsible for overall and end-to-end contract management, thus creating a seamless legal ecosystem. The functions have primarily been manual processes driven by collaboration between the in-house legal departments, sales teams, and supply chain, working in tandem to ensure contract obligations are appropriately and well-worded, leaving no gaps in between. With this in the background, what has changed during recent times, is the wide use of legal technology for the contract management processes. With time, the need and necessity are to have a robust, insightful contract management platform that streamlines processes and contracting stages.
We detail hereinbelow of what the modern contract management system comprises, and how it put to optimum use for legal operations' streamlined functioning.
Smart Contracts Embedded with Blockchain Capabilities
In what is known as blockchain technology, the peer-to-peer distributed ledger has created platforms to create safe and secure contracts that are immutable and work on automated commands.
To better explain smart contracts, they work on the premise of "if" and "then." Consequentially, when the pre-determined rules meet, the anticipated action is executed. The smart contracts' basic premise is that every contract milestone is met as and when the pre-conditions are met. Tellingly, smart contracts are a relatively smart way of creating and executing contracts, primarily when organizations deal with large volumes of contracts related to employee contracts, vendors and suppliers, supply chain agreements, contracts for end-users, among others.
Contract Legal Management platforms work on the premise of seamless contractual processes that include all the stages and features of contract management systems, including:
The initial stage of the request, internal review, approval
Negotiation, contract approval, and Execution with e-signature
Monitoring, reporting, renewal/amendment
Archiving and repository
End-to-end contract management is now possible with robust ELM solutions providers such as those of RazorCube by PracticeLeague. The Legal Contract Management platform enables users to take actionable insights with AI-driven cognitive abilities, creating an overall transparent ecosystem for contract management. These aspects encapsulate why smart contracts are about having best practices for workflow automation, a transparent system to have for risk monitoring that gives overall control to the organization's operations when it comes to end-to-end contract life cycle management.
Coming to the commercial viability, the contract management system can save costs and energy while also reducing mounds of paperwork, which otherwise are a part of the legacy contracts.
The Legacy Systems Vs. Legal Contract Management Platform
Gone are the days of the legacy contracts, with long-drawn processes to ensure contracts are in place and in order. With time and added responsibilities, legal teams are often tasked with multitudinous functions, often participating in the organizational decisions. This brings into the perspective the changing role of the general counsel, who otherwise is tasked for ensuring contract nitty-gritties are detailed without leaving room for dispersed information or any gaps and cracks to be filled up.
Having a legal contract management platform is not just about justifying the system's commercial viability or reducing legal department challenges about contract management. There are a host of other advantages for a legal professional
It creates for a secure repository for documents that enables the end-users to store, access safely, and retrieve documents by a single touch button.
It is also about having in place a robust system for overall contract management that will streamline end to end contract management right from the stage of authoring of contracts through the stages of redlining vetting negotiation.
Execution of contracts by having the right is a signature platform for recent innovation that enables companies to execute the contracts and agreements electronically, which otherwise had to be done through manual processes.
Addressing Challenges, Streamlining Processes - Insights for GC
Improved tools for Contract Management in legal departments can enhance legal operations by streamlining the high volume/low-value work. Given that the general counsels are primarily responsible for ensuring smooth workflow operations, there is a whole new way to revamp the contract lifecycle management by adopting technology platforms for contact management, thereby ensuring seamless Execution of end-to-end contract management.
The blockchain technology developments have led to end-to-end streamlining of legal contract management systems while ensuring a robust system for contract management. It also creates a repository for contracts that enables end-users to store, access, and retrieve files at the click of a button—the result: a seamless system, with increased visibility, control, and access.
For several reasons, adopting the right contract management system is not just relevant for the time; it's not just relevant but has almost become an indispensable alternative to the manual contract processes. When it comes to ensuring a quick turnaround time, search for train contact management legal department challenges is multi-fold.
RazorCube by PracticeLeague provides time-bound solutions for end-to-end contract management right from the stage of initiation to the execution stage; and/or including stages of renewal of contracts, a possible scenario of negotiation, amendments, among other stages. As a result, there is 360° collaboration between enterprise legal managers, legal teams, external stakeholders. Besides, it creates for improved contractual
PracticeLeague offers a unified and an integrated modern legal technology ecosystem that automates and streamlines the complete legal operations. Adopted by several legal departments across the globe, this secure Enterprise Legal Management is designed to enable seamless collaboration across business entities, stakeholders & technology systems to boost efficiency, visibility & control.