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Contract Writing Best Practices: The Argument for Standardization

By ContractRoom on Jan 10, 2017 7:30:00 AM

Contract standardization has a history that is almost as long as contracts themselves. Due to the complexity of contracts as well as to the legal aspects of contracts, businesses and individuals have long used standardization practices in conjunction with all phases of the contract practice, from what contracts say to how they are presented and approved.

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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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What does virtual collaboration look like in contract negotiations?

By ContractRoom on Apr 27, 2015 8:37:58 AM

 

collaborating_virtually.jpeg

Most general counsel and procurement officers would probably agree that collaboration in contract negotiations is a challenge even when all parties are in the same room. So what happens in our virtual world where the new normal is that people are spread across multiple locations and time zones? What does virtual collaboration look like?

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Contracting in Three Easy Steps

By ContractRoom on Apr 17, 2015 12:20:53 PM

At ContractRoom, our mission is to make contracting easy and efficient. I recently came across an article by Cindy Cox in Inside Counsel about making the contracting process more efficient. The article, Contracting efficiency for your legal department in 3 easy steps, is a good read. And Cox’s advice dovetails perfectly with what ContractRoom offers.

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Can Contract Compliance be Fun?

By ContractRoom on Mar 18, 2015 3:42:00 AM

happy-worker_23-2147518729.jpgCompliance simply isn’t fun for most people. Time consuming, tedious, confusing? YES… Fun? NO.

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Painless, Happy Contracting? YES, with digital, collaborative approach.

By ContractRoom on Feb 27, 2015 3:57:17 AM

Have you ever uttered the words painless – or better yet, happy – and contracting in the same sentence? Probably not, and you wouldn’t be alone. Even the savviest business and legal minds know that getting to a signed contract is a tedious, friction-oriented process. Additionally, the legal landscape is constantly evolving, meaning that business owners, corporate execs and their legal counsel (GCs) need stay current with the regulatory environment as well as staying on top of current industry trends and emerging technologies. Sound painful?Doesn’t have to be.

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Redlining is Painful

By ContractRoom on Feb 12, 2015 8:15:36 AM

businessman in painCollaborative editing tools for agreements/contracts (also, referred to as “redlining”) have been used for decades by contract negotiators (both attorneys and business people). The question is, are the current tools really suitable? Redlining has all the appearances of a wonderful collaboration tool, letting people see exactly what changes the other party is proposing and accepting or rejecting them. Therefore, on the surface, the answer may be, “Yes”. However, looks can be deceiving… and after reading on, you’ll probably quickly change your answer to, “No Way”.

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