Contract Insights

Contract negotiation can create the difference between a strong or weak contract, which can directly impact the bottom line of an organization and the health of mutually-beneficial business relationships. As contract negotiation processes evolve at the speed of technological innovations, discover how leading-edge legal technology can empower your negotiation processes - including the use of robust version control, document collaboration, rules-based clause ownership, redlining software, and more.  While contract negotiations can take their necessary time, automating the process of negotiating agreements and contract terms where possible allows you to focus more on contract negotiation strategy and bargaining power.

As ESG (environmental, social, and governance) variables continue to play an integral role within organizations and serve as a prioritized component within business decision-making, ESG clauses in contracts are increasingly at the forefront of contract negotiations and compliance. 

Without the right contract management tools, ESG contract clause language can elongate negotiations and cause post-award compliance tracking difficulties.

Fortunately, AI-backed contract management software offers unique tools for reducing pre-award and post-award ESG contract clause bottlenecks so your team can address ESG principles and ESG goals. Read on to learn how.

The process of redlining contracts for contract negotiation can be challenging if done improperly.

Organizations that edit documents manually in Microsoft Word can increase the chances of human errors. What’s more, constant back-and-forth edits via emailed documents can result in version control mistakes and broken formats. Mission-critical clauses and sections can either be left out of a legal document or improperly positioned. Additionally, the amount of time spent on tedious, outdated redlining processes can result in lost revenue and opportunities.

Thankfully, your legal team can start saving time on the contract negotiation process with CobbleStone’s user-friendly auto-redlining tool - powered by VISDOM® artificial intelligence. Here’s how to leverage auto-redlining within CobbleStone Contract Insight® contract management software.

The age of legal operations digital transformation continues in 2023, with even more exciting digitization tools for business process automation available.  The more contract administration tools available to legal teams and contract administrators – however – the easier it is to fall behind.  With that said, let’s examine six tips for effective contract management in 2023 to get ahead with contract management software.