Legal Contract Management
Corporate governance and risk management are gaining increasingly more attention from Board executives. The management of contractual information is a key area of risk for many organisations.
Contract and agreement negotiation today demands that administrative overheads are reduced whilst concluding negotiations in faster time periods.
Contracts are the cornerstone of all businesses and having quick and easy access to legal contractual information is imperative in allowing organisations to measure their risk going forward.
Brady Credit Risk’s Legal module is a comprehensive Contract Life Cycle Management solution and has been designed in response to the growing need for companies to proactively manage contractual rights and obligations. It empowers an organisation to quickly identify the risks and opportunities which their contracts possess. The Legal module is a powerful tool that helps to automate the creation, management, delivery and archiving of legal documentation.
An essential process in any legal department is the safe storage and quick retrieval of legal documentation. The Legal module provides a platform to support the entire contract life cycle – from contract planning and negotiation through to contract creation, completion and execution.
Negotiating a new contract or renegotiating an existing contract is a key skill that is crucial to the financial and operational state of any company.
With the Legal module in place, the legal department can draw upon the organisation’s contract negotiation and performance history to assist in ensuring the negotiations are favourable. This is possible as the Legal module agreement repository stores not only the organisation’s previous contracts but also detailed records of previous contract negotiations.
The language used in creating contracts is vital. The Legal module facilitates the creation process by providing a sophisticated search facility to identify and retrieve text that was entered in previous agreements. By leveraging existing and effective contract terminology the contract creation process becomes more efficient and accurate.
The contract repository utilises sophisticated data analysis tools to facilitate easy retrieval of the relevant information and to compare clauses within the contract. Clause comparisons and advanced searching are both accomplished via Microsoft Word. The clause comparison facility enables the organisation to achieve consistency throughout its portfolio thus minimising legal and economic risk.
The ‘capture’ facility within the Legal module covers pre-existing scenarios, whereby a significant number of agreements are already in place and are required to be made available through the repository. Agreements are scanned using OCR (Optical Character Recognition) or are captured using the agreement definition forms that use standard templates.