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The Contract Certainty Blog

The Contract Certainty Blog

Non-standard Standard Terms

Each year, the International Association for Contract & Commercial Management (IACCM ) conducts a survey of negotiated contract terms. For 2007, the top 10 negotiated terms  (according to participants from in-house legal, contract management and procurement groups in 800 organizations) were:

What the heck's a CLM?

But what is Contract Lifecycle Management? While there’s no single definition, it encompasses an organization’s entire contracting process.

Practice What You Preach

As any Fortune 500 general counsel will tell you, briefing law firms is not cheap. And stories of billing rates exceeding $1,000-per-hour and associate starting salaries hitting $160,000 certainly reinforce that notion. Hence the continuing calls from in-house lawyers for their external providers to become more efficient.

No Vision, No Idea

Since last month, Richard Susskind has continued his quest to provoke the legal profession into serious reflection on their future. In a series of articles published in The Times, he suggests that:

Nice Package

Why produce just one document when you could produce a whole package? Whether you’re producing lending documents, a request for proposal, or an insurance package of certificate, schedules, wording and endorsements, sometimes you need to create a suite of documents from one consistent set of data. Done manually, document packages multiply the risk of re-keying errors and non-compliance.

High Performers Take IT Risks

If you have any growth aspirations at all, you need to make some high risk “change the rules” IT investments. This seems to be the conclusion of a recent McKinsey study. The high risks should be calculated risks, of course. But if you don’t take them, and others do, they will out-grow and out-perform you in the long run. In fact, when you compare high performance companies with high growth aspirations against low performance companies with low growth aspirations, the high performers invest four times as much in “change the rules” IT projects as the low performers.

The End of Lawyers?

About 400 years ago, Shakespeare thought the people would rise up and kill all the lawyers. Now, Richard Susskind reckons technology will put most of them out of a job. And just in case you don't get time to read his new book, the key message is neatly summed up in the title: The End of Lawyers?

Put Your Complaints in Writing

Henry Ford once said "never complain, never explain." But where's the fun in that? If we don't complain about poor service and rude staff, how can we expect things to change? Complaining is the wind in the sails of customer service improvement.