Contract Insights

This post was originally shared in the Paralegals Connect January 2019 Newsletter

Contract review is a daunting task for paralegals.  In most cases, having an extra set of eyes to review contract terms is critical to ensure no "bad" clauses slip through the cracks.  The duty of reviewing agreement terms and clauses is a time-staking task, making the effort and focus it takes to review contracts priceless to an organization.  Moreover, paralegals bear a great amount of work to complete the contract negotiation and signing process quickly — all while preventing unwanted or risk associated clauses from being overlooked in the contract’s final review.  Having a smart assistant handle contract data extraction, data entry, and contract tracking can be a lifesaver to the busy paralegal and, in many cases, can provide assurance that your organization’s contracts will be mistake proof. 

https://www.cobblestonesoftware.com/solutions/compare-contract-management-software-editions

Although an essential facet of running a business, managing contracts without a contract database can be a time-consuming headache. With so many different contracts with vendors and service companies, it can be challenging to keep track of them all without reliable contract software. The right solution can help you reduce the amount of time you spend searching through spreadsheets or shared drives so that you can work on growing your business. Here are just a few of the ways that a formal contract database can help your team maximize productivity:

When reading magazines, advertisements, or even this blog post our brain begins the process of recognizing the patterns that make up the characters.  Our computer is able to do the exact same thing. Image-based documents can be converted into a language the computer understands for it to be able to read the document we need it to. This is where the Optical Character Recognition (OCR) tool comes into play. An OCR tool should be simple to use within a business software system that, in the long run, can save a company time.

Contracts are a part of doing business. Whether we're referring to a contract with a supplier, an employee, or a business partner, every single contract must be created, recorded, and stored. Before automated contract management software became a viable option, businesses, education institutions, and other organizations had to rely on filing cabinets and other means to store these contracts.