- Outstanding Service Provider awarded to practitioners who have led high value initiatives at client organizations.
- Personal Initiative awarded to a professional who has proven outstanding leadership in delivering value and raising the profileof contract and commercial management.
The Mindcrest success story follows.
Award for Outstanding Service Provider
Challenge – what was the problem? One of their clients -- a Fortune 100 Life-sciences Company -- had been struggling with an ineffective contract lifecycle management (CLM) deployment. Disjointed processes for contract storage, review, and negotiations managed by multiple business units across global locations flagged up many concerns.
Attorneys in many geographical regions were creating agreements that were inconsistent with the company’s standard. The company contacted Mindcrest for a contract management solution.
Approach – what was done to solve?
Mindcrest identified key areas of improvement for their client along with an implementation plan to launch the project. Standard clauses needed to be harmonized by using contract templates across all regions, and ensuring exceptions for businesses and geographies where exceptions were needed.
Mindcrest’s team implemented and tested all templates on the CLM authoring tool that would automate the creation of new contracts, reducing spend and increasing productivity. Their team helped review and prepare all authoring training materials for the client’s global support team.
Consistent, standard, and clear guidelines
Mindcrest’s client now has consistent, standard versions of contracts with clear guidelines for which clauses can be negotiated. And those agreements are now created efficiently and stored with final, executed versions and metadata about key negotiated clauses.
Global coordination on contract risk management
All CLM services are coordinated globally through the managed services model to ensure timely implementation of the new program, using Mindcrest’s India-based contracts management team in addition to both India and US-based project management.
Standardized templates and significant cost reduction
The client’s total number of standard contract templates was reduced from approximately 90 to 30, ensuring compliance with regional and domain-specific clauses. They also provided a CLM authoring tool to decrease the cost for contract creation by over 40 percent, significantly reducing the negotiation cycle.
Concise playbook to leverage all CLM functions and long-term support to centralize record-keeping
Mindcrest developed a concise playbook and workflow process to document and implement a robust governance framework. They also implemented a managed services solution to migrate and manage all legacy and newly-executed contracts into the CLM system. They initiated an outreach program to collect and migrate all legacy contracts into the central repository across the client’s global locations.
Award for Personal Initiative
Challenge – what was the problem?
With implementation for multiple data privacy regulations looming, Mindcrest received several requests from its clients to support their regulatory compliance programs in relation to European Union’s General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and other similar global regulations. Businesses in public and private sectors across the globe were being required to thoroughly re-examine their contracting processes -- the way they collect, process, store and transfer personal data.
In discussions with their clients (four prominent Fortune 500 organizations), Vishal Anand and his team identified multiple workstreams for data privacy compliance including the requirement to amend more than 3,000 data processing agreements with their suppliers.
Approach – what was done to solve?
Vishal Anand led his team to create a scalable solution that would not only meet their clients’ needs quickly, but would allow them to identify the right skill-sets, process efficiency, and advanced reporting technology needed.
Vishal’s background as an attorney and process expert was immensely helpful in assisting Mindcrest’s senior management understand the magnitude of these regulations and required scope of work. Due to GDPR's complexity and potential for counterparties to seek a new contract altogether, the negotiations had to be managed by using a playbook.
Vishal and his team ensured they would document a playbook that would include multiple fallbacks to their template language and devised an escalation protocol to get relevant stakeholders involved in case of a deadlock with business-critical counterparties.
This meant their total effort for all repapering activities (amending contracts to reflect technical changes or upgrades in cultural usage) was projected to exceed 3,000 contracts across all clients for GDPR.
They were also required to provide a robust workflow process to ensure their team could track and report negotiation status on a real-time basis. Vishal directed the team to deploy the company’s in-house Project Management Office (PMO) tool named Quick Base and customize it for each client.
All four of their clients successfully completed all requirements prior to the regulatory deadline -- avoiding the risk of fines and penalties tied to these regulations. And they now have a solution that helps them support negotiations with new counterparties.
Process-Oriented Workflow to Support Audits
- obtained the information necessary for contacting vendors;
- performed vendor outreach;
- kept internal parties apprised of the status; and
- processed received agreements into the contract repository, completing the contract management cycle, thereby providing additional support to our clients to showcase compliance during audits by regulators.
Mindcrest leveraged its experienced team of attorneys across India, the UK, and the U.S. to provide summaries of thousands of extracted clauses from global data privacy laws and regulations. They then used these summaries to draft documents that disclose a clear view of the data privacy requirements by region. Accurate documentation also reveals any deviations or exceptions from GDPR listed by country for each region and gives their clients capability for tracking their requirements and changing data within their contracts.
By combining the expertise of their India-based contracts team with attorneys from our London and U.S. offices, Mindcrest management presented their clients with a round-the-clock, efficient and cost-based solution. In addition to quick turnaround times, clients saw significant cost-savings (over 65%) in comparison to hiring outside counsel. They managed all projects within the projected budgets.
Having remediated counterparties with the largest exposure in less than two months, Mindcrest continues to support these clients in negotiations with new or low-risk counterparties.