Contracting Excellence Journal

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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.

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We know that specialized forums for dispute resolution have been around for quite some time. Maritime disputes, disputes involving energy and natural resources, sports-related disputes, securities and other financial disputes – all have set up their own special forums for alternative dispute resolution.

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Don’t assume the role of the in-house attorney is shrinking just because legal technology (legal tech) is here.  In fact, legal wisdom and expertise is needed more than ever!

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If you hesitate to pilot new contracting technologies and hope to stick to tradition, you’re not alone. But ready or not, many automations are upon us, including block chain, process automation, Artificial Intelligence (AI), and digitization.

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Deadline is May 25, 2018 for meeting compliance standards set by the General Data Protection Regulation (GDPR). With penalties for non-compliance set at up to 4% of annual revenue, it’s a clear area for focus – but are you ready? 

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Are you using your contracting processes to drive quality and efficiency or to embed inefficiency?

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If you know about artificial intelligence (AI), but are doing everything manually, you’re not alone. Although Contract Management (CM) systems and other digital technologies have made CM more efficient, you and many others might be performing time-consuming, error-prone manual processes without realizing it’s costing you time and money.

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Interview with Piotr Powazka, Internal Control Manager at Xerox Poland 

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The following article has been produced by a provider of contract and legal software. It highlights a number of available products, but should not be taken as an endorsement of those products by IACCM. There are currently more than 200 available software products in the contract management field and members seeking advice on these options should contact IACCM.

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Rene Franz Henschel, Professor, Aarhus University, Business and Social Sciences, Department of Law, Aarhus, Denmark shares his views on how we need to prepare before we start working with smart contracts. Our environment will determine what we do – and when. Data needs to be analyzed and formatted properly. And there’s more!

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