Legal Contract Review

In today’s fast-paced business environment, efficient management of legal contracts is crucial for organizations’ success. However, traditional methods of manual contract review and approval often result in inefficiencies, delays, and a lack of visibility into critical processes. Some stats that highlight the challenges:

• According to EY’s survey, more than half of business development leaders (57%) say their organizations have seen slower revenue because of contracting inefficiencies and 50% have missed out on business.
• According to Deloitte's report on “The Contract Management”, Manual contract review processes can take up to 30% longer compared to automated or semi-automated methods.

Here are the typical challenges in legal contract management:

1. Time-Consuming Review and Approval Process

Manual review and approval of contracts by legal and finance teams can be time consuming thereby cutting into valuable time of costly resources and resulting in delays in contract execution.

2. Lack of Visibility into Current Approval Status

Lack of visibility into current approval status and approval audit of a legal contract for those involved in the review.

3. Absence of a centralized view for efficient search of reviewed contracts

Absence of a centralized view to search and access reviewed legal contracts since all document versions may be scattered across hard drives, emails and filing cabinets.

4. Non-Standardized Vendor Communication

Varying email responses and contract formats from different departments can lead to non-standardized vendor communication.

5. Manual tracking of soon-to-expire contracts

Manual tracking can make it cumbersome to manage renewals of soon-to-expire contracts.

6. Costly and fraud-prone paper-based signature processes

Traditional paper-based signature processes can be time-consuming, laborious, and require much storage space. What is worse is that tracking signatures manually can lead to potential errors and fraud.

To address these challenges, PolariseMe has built a comprehensive digital solution for legal contract management. Here are the salient features of our digital solution:

1. Automated and Configurable Workflow:

Streamlines the legal contract review lifecycle with configurable workflows, accommodating exceptional approvals and specific recipient inputs for certain contract clauses, if necessary.

2. Centralized Case Management:

Provides a centralized repository for all legal contract review cases, ensuring easy retrieval and filtering based on multiple criteria.

3. Visibility through Approval timelines:

Gives visibility to all involved on the status of the legal contract review cycle using graphical timeline representations of review and approval actions. A complete approval audit for the contract is also made available on the record.

4. Consistent Vendor Communication:

Standardizes communication with vendors by automating email communication using uniform email content and consistent document format for approved contracts.

5. Efficient Contract Expiry Management:

Sends timely email reminders before contract expiry dates and automates the renewal process once initiated.

6. Integrates with leading E-Signature providers

Seamlessly integrates with leading E-Signature providers such as DocuSign and Adobe Sign.

7. AI enabled interactions to efficiently retrieve information in legal contracts

Enables users to have free flowing interactions with an AI chatbot automatically trained on contract documents under review.

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