Contracts play an important role in running any business and managing them efficiently is essential. eDiscovery is primarily focused on addressing legal and compliance issues, while contract technology aims to deliver strategic value to the business. This technology is used not only by legal and compliance teams, but also by key decision makers such as:
- Procurement; and
- Sales department.
Contract Tech’s goal is not only to improve the efficiency of the legal negotiation process, but also to bring long-term benefits to the entire business.
Contract analysis helps you manage risk and quickly extract value from your contractual obligations in past contracts. The manual nature of contract analysis exercises can be costly and results in analyzing a sample of contracts rather than the entire contract universe. Delays can have significant financial and legal implications. Contract analysis tools can accelerate contract portfolio consolidation during mergers and acquisitions, recreate exercises, and respond to new compliance, regulatory, or industry requirements such as new data privacy rules. With unprecedented events like COVID-19, you need to quickly identify and understand the impact of contractual agreements related to your business’s supply chain.
Contract Lifecycle Management (seeCLM”) refers to the management of business contracts from pre-signing and execution of the contract to termination or renewal. Contract analysis for one-off events is an opportunity to perform lifecycle management readiness projects that generate more value for less. Integrating contract analytics within CLM helps companies extract key information to identify opportunities to renegotiate contracts and save money.
Even the most sophisticated AI struggles with unstructured and complex contracts. Without the human eye, you run the risk of missing contractual obligations in obscure terms that AI extraction tools have not been trained to do. Additionally, handwritten amendments to contracts may not be computer readable, requiring human intervention until the entire business contract is fully electronic.
This technology is evolving rapidly, bringing together contract analytics and contract automation tools to streamline day-to-day contract processing on one unified platform. Meanwhile, our in-house legal and compliance teams, supported by external contract technical experts, streamline processes using a combination of automation, artificial intelligence, and rigorous quality assurance procedures (humans in the loop).
eDiscovery is an important part of legal proceedings. This is a form of digital research that helps find evidence in business communications for:
- settlement negotiations;
- disputes and litigation;
- civil and criminal proceedings;
- forensic investigation;
- employment issues; and
- Respond to regulatory demands.
As the way companies communicate is digital, it makes sense to move from traditional manual (timely and costly) paper-based methods of managing data to digital methodologies. As methods of business communication evolve from traditional means such as letters and faxes to more digital methods such as e-mail, instant messaging, and electronic signatures, the volume of paper-based documents related to legal and compliance issues is increasing. decreased significantly. In order to efficiently handle the increasing amount of digital data, it is only natural to adopt a digital approach suitable for handling that data.
Litigation requires parties to disclose relevant documents and other electronic information to each other. While the discovery process is the standard in litigation, the e in eDiscovery stands for ‘electronic’, emphasizing expertise in handling digital evidence, and has much broader application. Significantly reduce the time and cost of determining whether information is relevant to a particular requirement (arbitration, class action, forensic investigation, litigation, mediation, regulatory request, etc.). eDiscovery helps legal and compliance teams identify facts, find relevant documents, and act on evidence quickly and confidently.
The amount of data is growing exponentially. This means that the time and cost of traditional manual methods are also increasing exponentially, and we are relying more and more on technology to improve efficiency and investigate more information to find the best evidence to support a case. need to increase the degree. eDiscovery incorporates industry-standard tools and techniques to reduce the amount of information that needs to be reviewed, including forensic collection, processing, deduplication, semi-deduplication, and application of custom machine learning models.
By handling it in-house, we give you more control over the eDiscovery process, maximizing efficiency and effectiveness while achieving the best possible results for your clients, ultimately saving you valuable time and money. You can save. As Africa’s largest law firm, our extensive resources combined with RelativityOne’s contractor model allows us to scale with short lead times. This allows you to meet the needs of large or complex reviews.