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The Contract Certainty Blog

The Contract Certainty Blog

The Contract Certainty Blog

When Contract Policies Do More Harm Than Good

We've written before about the "one size fits all" approach to contracting, and the problems it can create. Now IACCM President Tim Cummins has blogged about the same problem, with some interesting new research data.

Everything You Ever Wanted to Know About Risk

If you want to create tighter contracts without huge legal bills, then drop by the Exari booth (3114) at RIMS. We’ll be more than happy to show you the latest web-based tools for creating great contracts, with a whole lot less risk.

Benchmarking Data for Australasian Law Departments

In the United States, legal industry consultants have been publishing law department benchmarking reports for years. (See, for example, the annual law department surveys produced by Hildebrandt and Altman Weil.) Such reports provide the proactive general counsel with lots of useful information for analyzing the current performance of his or her department against that of industry peers and taking corrective action where appropriate. Unfortunately, similar data is far less common for legal departments in other countries.

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.