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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Now that you’ve exchanged redlines with your counterparty, it is time to switch to live negotiations via a phone call or virtual meeting. The goal of the contract negotiation call is to close out the remaining open items and move the contract forward towards a final agreement.
How can you run the call as efficiently as possible to achieve this goal? Follow Rule #4 on Running Calls.
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Creating a strong personal brand is crucial to career success. Period.
Whatever the economic climate. Even if you are happy, motivated, safe and secure in your role – personal branding is […]
Ever notice that contracts are always drafted in English? Implicit language bias occurs in contracts when the contract drafter assumes the other party is as fluent in English and English “legalese” as the contract drafter. If you’ve ever thought this to yourself, “Wow, their English is surprisingly really good!” then you probably have implicit language bias.
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One major benefit of contract management technology is the ability to collect, track and report on contract metrics such as contract volume, turnaround time, and value. Read this article to learn how to make sure you’re tracking contract KPIs correctly.
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Overall, we should strive to exchange redlines as few times as possible between contract initiation and contract execution. The redlining etiquette rule of thumb is to initiate contract negotiations via email, exchange redlines once, then switch to live negotiations to move negotiations forward.
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While investing in a contract management tool is undoubtedly a step in the right direction, it should not be your first. In fact, there is a lot of work to be done internally that will significantly improve your contract management process without costing you a single dime. And with all the choices out there, this work needs to be done before you can even attempt to identify the right tool for you.
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Force majeure was a popular go-to at the start of the pandemic when the government shut down wedding and event venues and outlawed weddings. But force majeure, alone, is no longer sufficient protection. Wedding Contracts must take into account partial performance.
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DO THIS
Hire a full-time contracting operations manager after launching your Contract Lifecycle Management System.
NOT THAT
Do not assign it to the lawyer, the paralegal, or the IT professional.
WHY?
