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.
The arguments for and against standardizing contractual language
It seems everyone in the contracting world has an opinion about how a contract should be drafted. We recently published an article by Seattle Lawyer Jordan Couch, “The 3 Rules of Contract Drafting” - http://blog.contractroom.com/the-3-rules-of-contract-drafting. This article attracted more visitors and comments than most articles posted on our blog. While many readers agreed that Jordan Couch’s rules were good guiding principles, many offered alternative opinions similar to that of Contract Manager, Andrew Milchem from Milchem Group in Adelaide Australia. He posted this comment on the IACCM Group on LinkedIn for Contract & Commercial Management professionals:
How the new wave of contract management software is reducing time spent negotiating
Is it possible to use data analytics and clause standards to make the contract negotiation process more efficient? Certainly there are situations where standard contracts are routinely used and it’s undeniable that this saves time and money. For example, imagine how much longer standard real-estate processes would take if each time an agreement had to be drafted by scratch.