Contracting Excellence Journal

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COVID 19 has changed the dynamics of international trade and contracting so much that an increasing theme for contracts today appears to be invoking force majeure provisions to help ease the hardship the pandemic has spawned.

contractmanagement forcemajeure PANDEMICIMPACT

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No doubt you’ve heard the phrase, “garbage in, garbage out.” It applies to creating a contract: inferior inputs and faulty processes hinder the timely creation of agreements, and those contracts that you do create may prove unenforceable.

technology workflow legalprocurement contractautomationtools intakeforms

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In the midst of COVID-19, how would your organization work to overcome low employee morale? Start with caring for your colleagues and go from there. Find out how it works in what follows…

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We entered 2020 with our IACCM theme 2020 Time for a Connected Vision: Purpose and Relationships in an era of Servitization that seems to have morphed into the era of COVID-19.

Servitization COVID19SURVIVAL AUSTRALIARESPONDS

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This second in a series covering guiding principles that go deeper into specific strategies for solving this challenge. It starts with a focus on three initial considerations:

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The journey to world class business practices doesn’t happen overnight. When implementing a digital CLM platform, you need to start the digital transformation by focusing on four fundamental elements for successful results:

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A colleague of mine sent me the following cartoon that made me laugh. The very talented cartoonist Tom Fishburne sketches tongue-in-cheek how people tend to view key performance indicators (KPIs).

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When you read your next complex contract, don’t hunt down your magnifying reading lens just yet. I think I’ve discovered a stronger focus -- contract design and clarity.

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Detail! Detail! Detail! Is the devil in the detail?

One thing is certain in virtually any contract management (CM) situation -- whether it is about contract administration or contract management (and there is a difference) -- massive detail will emerge. We must control and archive it carefully. Imagine the implications if we subsequently need contract data as evidence due to disputes or misunderstandings but we are simply unable to retrieve it!

DATARETRIEVAL DOCUMENTCONTROL RECORDKEEPING CASHFLOWMANAGEMENT

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Artificial Intelligence (AI) is poised to disrupt the way we draft, negotiate, review, and perform under contracts. AI has already significantly impacted the contracting process.1 Some say the primary obstacle to tremendous advances in AI for contracting is the lack of training data. We argue that the problem is not data quantity, but rather data quality. To make the most of AI for contracting, we must make sure we do not create “garbage in, garbage out” AI systems.

ai artificialintelligence

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