Contract review

Precision in Every Clause: Ensure Peace of Mind

Analyze contract terms, negote changes if necessary, and finalize agreements to establish mutually beneficial relationships.

Understanding the process

Client and supplier contract review is a critical process in which legal teams or contract managers examine agreements and contracts proposed by clients and/or suppliers. It involves analyzing contract terms, conditions, and legal implications to ensure alignment with organizational policies, regulatory requirements, and risk mitigation strategies.

Steps in the process

Contract Intake

Receive client contracts or agreements for review, either through email, document management systems, or client portals.

Document Identification

Identify key contract documents, including master agreements, statements of work, and amendments.

Review and Analysis

Conduct a thorough review of contract terms, including pricing, deliverables, payment terms, termination clauses, and legal obligations.

Legal and Compliance Assessment

Ensure that contracts comply with relevant laws, regulations, and industry standards, such as data privacy laws or industry-specific regulations.

Risk Assessment

Evaluate potential risks associated with contract terms, such as financial liabilities, intellectual property rights, and dispute resolution mechanisms.

Negotiation and Revision

Collaborate with clients to negotiate and revise contract terms, address concerns, and achieve mutually beneficial outcomes.

Approval and Execution

Obtain necessary approvals from internal stakeholders, such as legal counsel or senior management, and execute finalized contracts..

Contract Management

Maintain an organized repository of contracts, track contract expiration dates, renewals, and amendments, and ensure compliance with contractual obligations.

How can automation improve your process?

Document Intake and Routing

Automate the intake and routing of contract documents using Business Process Automation (BPA) solutions. This streamlines document handling, accelerates review cycles, and ensures that contracts are routed to the appropriate reviewers promptly.

Contract Analysis

Employ Intelligent Document Processing (IDP) to automate the extraction and analysis of contract data, such as key terms, obligations, and deadlines. This enhances accuracy, reduces manual effort, and expedites contract review.

Compliance Monitoring

Implement automated compliance monitoring mechanisms using BPA solutions to track changes in laws, regulations, and industry standards. This ensures that contracts remain compliant over time and minimizes compliance risks.

Risk Assessment

Utilize Robotic Process Automation (RPA) to automate risk assessment processes, such as identifying potential legal or financial risks in contract terms. This enables proactive risk management, enhances decision-making, and mitigates contract-related liabilities.

Contract Lifecycle Management

Implement automated contract lifecycle management workflows using BPA solutions. This facilitates centralized contract storage, improves visibility into contract status, and streamlines contract management processes from initiation to closure.

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