Contract management is the act of preparing, negotiating, analyzing, implementing, and maintaining contracts. Even though a contract has been signed, it doesn’t mean all the hard work is done.
Humans have long dreamed of making machines do what brains do. Technology has gone a fair distance in that direction with artificial intelligence (AI), which puts software to work in order to improve the contract review process in several important ways.
Contracts establish transparent and professional partnerships between companies and individuals. However, it’s vital to have an exit strategy. Termination clauses are critical to sound and enforceable contracts, but they can be tricky.
Contracts govern nearly every aspect of day-to-day life in ways one may not even realize. From accepting the Terms and Conditions of an app on our smartphones to haggling over prices at a neighborhood yard sale, contracts are a fundamental part of modern life.
Non-disclosure agreements (NDAs) are confidentiality contracts that allow businesses to entrust confidential information to others. They’ve been in the news lately as a way to cover up sexual harassment issues and whistleblower claims.
Parties to a contract strive to get all the essential details in writing the first time, but life happens. Parties must amend contracts when they obtain new information or discover gaps in the agreement, or if unanticipated situations arise.
No matter your industry, contracts are an integral part of day-to-day operations. Business lawyers and in-house counsel review, negotiate, and manage hundreds if not thousands of contracts per year.
Legal research lies at the heart of the legal profession. Any legal advice attorneys provide has to stay in line with constitutional, statutory (as created by legislators), and case law (as created by judges).