Contract liability is something that many organizations try to control by establishing standard agreements. But what is considered “standard” can quickly become anything but typical. Other departments may customize contracts for various reasons, including winning deals, wooing partners, or appeasing customers.
For legal departments, this can get ugly. It creates a time-consuming task of combing through non-standard agreements and updating the risk profile of their organizations. This manual work usually falls on one person, armed only with patience, a comfortable chair, and an Excel spreadsheet.
While we would never take away your comfortable chair, we can help remove the manual work that comes with unseen liability in contract analysis. This blog post will discuss four ways modern AI-powered contract management software automatically detects, highlights, and streamlines contracts while limiting potential unseen liability.
Many legal professionals are familiar with the dreaded Excel spreadsheet full of manual codes in an attempt to manage contracts. There is a better way. Automated analysis software teases this out on its own - no spreadsheet necessary.
Automated contract analysis performs many valuable jobs. One of the best is the basic job of separating contract types. Whether you’re looking to separate sales contracts from partnership agreements or nondisclosure agreements from indemnity agreements, automated analysis software has you covered.
Most deals include several different types of teams. Besides signatories, there are also customers, vendors, and partners. Automated contract analysis derives these names and entities with consistency and accuracy.
4.) Automated Contract Analysis Streamlines Dates
Dates are a deceptively complicated element of contract management. Most tools tell you when a contract was signed, but good contract analysis software also tells you the specific dates an agreement is in effect and enforceable.
You can’t manage what you can’t monitor. Total contract liability can only be seen in real-time with automated contract analysis software. Remember: YOU are the boss of your contract portfolio, not the other way around!
Schedule a demo today if you want to learn more about using modern software tools to uncover unseen liabilities in contracts.