Contract Management: Tools for Improving the Process Within Organizations

Description

In-house counsel is typically responsible for oversight of negotiation, drafting, modification, and renewal of a high volume of various contracts within an organization. Parties involved in the contracting process are often non-legal personnel, using language, forms, and inserts that may evolve.

GCs must work with sales, procurement, finance, and compliance departments to develop a contract management process that minimizes legal department involvement while protecting the organization. The best process gives an organization the power to create and monitor contracts faster, smarter, and at a far lower cost while preserving the integrity of company contracts.

Technological advancements have made a wide range of contract management software options available to in-house counsel. Artificial intelligence is emerging as an effective instrument for contract review. Some law departments are also outsourcing contract management to third-party vendors.

Listen as our panel discusses the latest innovations in contract management at each stage of the production and monitoring cycle. The panel will also discuss opportunities and pitfalls in using contract management software and AI and in outsourcing contract management to third parties.