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Can you track Track Changes? [wired, tired, expired?]

By ContractRoom on Oct 3, 2015 8:46:12 PM

Wired

A track changes tool with the following features:

  1. Tracks changes without requiring you to remember to turn track changes on;
  2. Provides a format for viewing changes that is easily decipherable;
  3. Properly formats and paginates documents which incorporate changes;
  4. Automatically mark-ups all changes made by external parties even when those parties have taken the document offline and made changes to it without using the “track changes” function i.e. no document comparison is required.
  5. Allows for multiple external parties to make changes to a document at the same time and properly incorporates and tracks these changes upon their return.

Tired

Using track changes with a word processor

Where only one or two people are involved this process is workable. However, track changes is clunky and requires an in depth knowledge of word to properly use all the features available in this outdated tool.

Expired

Using track changes with multiple parties

Deciphering changes that have been made becomes even more difficult when external parties (i.e., counterparties) are involved. They may take your version of the document, make their corrections and send the document back with their changes purportedly marked. But they also may fail to properly mark-up all corrections.

The only way of knowing for sure what changes have been made is to run a document comparison. However, formatting and pagination errors generated in this process can be headache inducing and not all word processor software (e.g. Mac Pages) allows you to do this.  Also, having to do so each time a version is sent back to you is burdensome. This is particularly so when multiple external parties are sending back different marked-up versions of the same original simultaneously. It is also easy to lose important data such as details of which changes were made by whom at which times.  

This process is expired!

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Technology Makes the “e” in e-Discovery Stand for Easy

By ContractRoom on Jul 23, 2015 6:07:53 PM

top view of work station.jpg

It may be a slight exaggeration to claim e-Discovery could ever really be easy. The tremendous amount of information created and stored electronically makes complying with rules of discovery in civil litigation a challenge. And that is never easy. But avoiding court sanctions and penalties for non-compliance — not to mention the staggering cost of collecting and reviewing the data — is the goal of any legal team, and with the right technology tools, managing the e-Discovery process is as easy as it can be.

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Can Automation Help with Compliance?

By ContractRoom on Jul 3, 2015 10:47:52 AM

Compliance is expensive and time consuming—keep abreast of regulations can be a full-time job in and of itself, let alone ensuring your company is in compliance. Can automated systems keep your firm in compliance? Absolutely. Whether you work in a highly regulated industry or simply want to ensure your team is using the most up-to-date and legally solid contracts, automated tools can eliminate errors and breaches.

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Structuring Unstructured Data in Contract Management

By ContractRoom on Jun 12, 2015 10:09:27 AM

Manage and Capture Your Unstructured Data!

In 2012, IDC conducted research on the digital universe in 2020. Based on the outcomes of that research, IDC estimates the world’s information is doubling every two years. By 2020, the world will generate 40 exabytes of data, a 40-fold increase from 2010! However, almost all of the current (approx. 90%) data is considered unstructured.

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Automation: the Future for In-House Legal Departments

By ContractRoom on May 29, 2015 2:28:05 PM

businessman on a rocketThere is a trend we’ve seen building over the last few years, and we think it’s one whose time has come. It’s the rise of operations within in-house legal departments. It’s an understanding that applying sound business practices to legal operations not only increases efficiency, it helps the company’s bottom line.

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Contract Management Needn’t be a Concern

By ContractRoom on May 13, 2015 11:20:31 AM

Easy work.jpgIf you have some concerns about your business’ contracting practices, you are not alone. Huron Consulting Group, conducted a survey with legal technology professionals, and more than half (57%) of the respondents said they are concerned about their company’s contract management procedures.

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