Legal cases with fixed pricing, standardized processes, and firm timelines
A business requires a variety of contracts viz. Non Disclosure Agreements, Vendor Contracts, MoUs, Property Agreements, Licensing Agreements, Sale-Purchase Agreement, and so on. Drafting and managing this plethora of documents not only increases the legal expenses incurred by the company but also decreases productivity and efficiency.
Managing these legal documents in an efficient way and having them comprised in a single place has become possible through utilization of automated tools. These tools enable the business to undertake activities likes multi-party negotiations, review by stakeholders, contract requests, contract revision, etc., and collectively encompass an automated contract management system.
Contract management works by abstracting key contract metadata from every contract of the organization. Automated contract management software works through a contract discovery process which locates all the contracts of a company, stores them in a single cache and extracts only the necessary data.
Automated contract management tool saves legal cost, time and manual labour and is used by lawyers, in-house legal counsels, and legal technology companies. However, it is important to use secure contract management tools that use data protection and backup to protect sensitive internal and external information.
Contract management system relies fundamentally on company’s data and if the company lack precise and complete data, extraction of relevant information and decision-making assistance cannot be executed properly. If the data is not analyzed error-free, the legal department will not be able to reduce company’s legal liability or complete multi-jurisdictional compliances.
It becomes imperative for a corporate entity to cope up with the technological changes and incorporate a case management tool that not only enables it to manage its legal cases in a single place but also helps it with accurate and safe contract management. Contract discovery and management have become ongoing processes in the administration of internal and external documents. Here are the top 6 benefits of automated contract management for lawyers, law firms, and in-house legal counsels:
Automated contract management solutions are helping lawyers, corporates, and individual users by eliminating the inconvenience of manually drafting each and every contract and also allows the business to perform an integrated search of metadata with overall security applied automatically.
Know more about MyAdvo’s Case Management and Contract Automation Software. Email us at email@example.com or call now at 9811782573.