Remember, you’re still drafting even while negotiating. The key to drafting a clear contract is to re-draft clearer contractual terms that correspond with your redlines and reflect the parties’ intent. The best way to accomplish this is for the party requesting a substantive change to propose the corresponding language. Here are some best practices to keep in mind for this simple yet often overlooked rule of thumb.
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If you are reading this, it is likely because you have landed that new gig as an in-house lawyer (congrats!) or you are looking to make a switch to an in-house role. Whether you are coming from private practice, fresh out of law school, or making a lateral move to a new company, the learning curve as an in-house lawyer is steep. That does not mean, however, that you cannot conquer it! Here are some valuable tips for a new in-house lawyer from a new in-house lawyer.
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Paralegals play a key role in contract management and oversight of the contract management lifecycle (CLM) system. Legal departments inundated with a high volume of contracts and considering revamping your contract management process or adopting a new CLM should consider having a skilled contract management paralegal on the team.
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When we think of the contract negotiation process, most of us think only of the external legal negotiation and often neglect the importance of the internal negotiation. The stronger the internal negotiation, the stronger the external negotiation. This Rule focuses on using internal redlines to get the most out of the internal negotiation phase.
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Defined terms are a ubiquitous part of a contract and demand as much attention as the substantive clauses. This article provides on tips on how to structure and use defined terms throughout contracts.
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SaaS vendors commonly claim that their SLAs are non-negotiable. That is usually not true. With the right combination of negotiation strategies and subject matter expertise, you can find the penetrable soft spots and land better SLA legal terms for your clients. This article will show you how.
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While the transition from BigLaw to In-House may seem straight-forward, the reality is that the two practices vary in significant ways. Before you take this leap, or if you already have, you should be aware of the differences and work on bridging the gap. These are the five key areas that a lawyer coach recommends on working on to truly thrive.
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The year 2020 has brought contracts to forefront of the legal community in a very important way! Collectively, we #contractnerds have raised more awareness about the importance of drafting clearer contracts, negotiating better contracts, and managing contracts better with technology. Check out these 10 New Year’s Resolutions for All Contract Nerds for 2021.
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During a pandemic, how can healthcare attorneys deal with the deluge of clinical supply agreements in a timely manner? By obtaining stakeholder feedback on key clauses, such as: returns, risk of loss, and list of supplies.
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Consider the advancements of online banking and online shopping – why does it feel like legal services are years behind? To help bring technology to the law, we created virtual plain-language annotations within contracts viewable in Augmented Reality (AR) to make contracts more user-friendly and interactive.
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DO THIS
Be an active participant in contract management across the whole contract lifecycle.
NOT THAT
Consider the job complete once the contract has been signed and safely tucked away in your contract repository.
WHY?
