Legally speaking, contracts can be interpreted in vastly different ways. From verbal contracts, called express contracts, to implied and quasi contracts, project managers need to plan for all possibilities.
Traditional contracts can have several pitfalls that can be avoided through the use of technology. Think about what a contract traditionally has been: a single, lengthy, paper-based document that is time consuming to create and, therefore, does not get updated regularly.
There’s no denying it, the entire business landscape is being changed by various factors, and corporate law is not immune from this transformation. In the past decade or so, the rise of high internet speeds, collaborative business technologies and ubiquitous system access via the cloud have all combined to elevate the way deals get done in business - including the role and placement of corporate law in this process. Here are three principal ways the corporate legal industry is changing to become more engaged in the process of business negotiations and contracting: