The dreadful impacts of Covid-19 are still having their effect on business, commerce, and people worldwide. The pandemic has forced many companies to re-examine the force majeure clauses in their contracts. ‘Force Majeure’ has been defined by Black’s Law Dictionary as ‘an event or effect that can be neither anticipated nor controlled. The concept of
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Six Best Practices to Modernize Your Contract Renewal Strategy
What is contract renewal?
One of the most important provisions in any contract is the contract period. Some contracts explicitly provide that they will remain in place indefinitely until either party decides to terminate the agreement. Many contracts, however, come with an expiration date.
Each party to the contract must decide whether it wants the…
Procurement Contracts and AI: There’s No Going Back to the Old Way of Doing Things
What are procurement contracts?
Procurement contracts are commercial agreements for the sale of B2B (business to business) products or services. The good or service being sold is something that the buyer uses for its own business. It can be anything from a raw ingredient for a restaurant’s meals, to a business software application that a…
Contract Analytics: Unlocking the Power of Your Contract Data with AI
Contracts as data
Everybody knows that we’re in the era of Big Data. But what does that mean for business lawyers?
People in the business world often think of data as numbers in spreadsheets. However, all information regarding how a business runs is useful data. If you really want to know what’s going on with…
What Contract Management Software Can Do for Your Business in 2021
What is contract management software?
Contract management software digitizes the processes required for contract lifecycle management (“CLM”). Digital contract management solutions enable legal teams and procurement teams to create and manage contracts more efficiently and securely than outdated, manual processes.
In the past, lawyers had to print each draft of a contract and review every…
ESG, Compliance, and Contracts as Data
What does it mean for compliance officers concerned about environmental, social, and governance (“ESG”) standards to be able to turn contracts into data?
Sustainability is not a new concept, but it’s gaining momentum in the corporate world.
Following public outcry over the murder of George Floyd in police custody in 2020, many businesses made statements…
Evisort Awarded #25 Fastest Growing Company
By Danika Park
We’re happy to announce that Evisort has been ranked #25 on Growjo’s Top 100 List of the Fastest Growing Companies in Silicon Valley for 2021!
These rankings are based on various factors, including revenue growth, valuations, quality and quantity of funding, hiring announcements, current job openings, leadership team announcements, competitors’ comparison, and numerous other growth…
Impact of Schrems: Transferring Data from the EU to the US Using the New Standard Contractual Clauses (SCCs)
By Sara Goulder
It’s been almost a year since the Court of Justice of the European Union (“CJEU”) issued its decision in Data Protection Commissioner v. Facebook Ireland Ltd. (Schrems II) in July 2020, invalidating the EU-U.S. Privacy Shield Framework established in 2016. The Court found that US surveillance laws did not afford adequate protection under the European…
Evisort and BNY Mellon to Digitize Contract Lifecycle Management
By Sara Goulder
AI contracting platform to streamline client experience as part of bank’s digital innovation focus
SAN MATEO, Calif. — June 8, 2021 — Evisort, the intelligent contract management platform, today announced its role as a leading contract intelligence provider for BNY Mellon. BNY Mellon will use Evisort to re-engineer its contract negotiation workflow and lifecycle…
What is a Contract Intelligence Platform
By Sara Goulder
There are those in the contract management market who argue that artificial intelligence won’t have a meaningful impact on what a business’s employees do from day to day. They say that all you need is basic contract lifecycle management (CLM) software.
However, there’s a huge difference between the bare minimum and the best solution.
Yes,…