When you don’t know what’s in your contracts, you can’t understand or effectively manage your rights, obligations, risks, and opportunities
Contract management requires a fundamental shift from text to data - something CLMs alone cannot do. Otherwise, each time a business question arises, a legal expert must find, assemble and read numerous documents to find the answer.
Download this whitepaper to find how to establish contract order so you can find the answers to your questions fast.
Establish Contract Order
If you have a contract question, you first need to know if you are looking at the right information source. Before you can answer any substantive questions about an agreement or portfolio of agreements, you must know four things.
Connect the Dots
Text-based systems, like CLMs, only give your a limited view of your contracts, making it difficult to achieve contract order. To understand the differences, there are three types of contract views to consider.
Predetermine Active Status
Contract text is unable to quickly identify whether an agreement is active or not, which means you may be reviewing contracts that are irrelevant to the question at hand or, worse, disregarding contracts that are effective.
