I always thought “certain” meant 100% certain. How can something be “certain” if it’s only 90% certain? It just doesn’t sound right. But who cares what I think. In the London insurance market, it’s what the FSA thinks that matters. And it turns out that 90% certain is certain enough for them.
There’s a favorite question that people love to ask when they’re pondering whether document assembly will work for them. It usually goes something like this:
For a while now we've been writing a blog called Pactum, in which we wax lyrical about contracts, agreements and all the fine print in between. Pactum deals mostly with news items (good and bad) which are relevant to people who spend their days writing, negotiating and managing contracts.
An attention-grabbing article in The Australian IT starts with a couple of IT contracting horror stories, but quickly drifts off on a rather dull voyage through the alphabet soup of IT governance standards. Never mind that your contract might be full of holes. What you really need is AS-8000. And AS-8015. And AS-8016. Or AS-8018. Or BS-15000. Or maybe ISO-20000. And ISO-27001, of course.
According to the Coalition for Government Procurement (a vendor lobby group in the US), the Clean Contracting Act proposed by Democrat Rep. Henry Waxman is “scary as hell”.
Precedent automation. Document assembly. Online legal services. Disruptive innovation. Precedent economics. It was all under the microscope in Sydney last week at the Precedent Automation Conference. A rare gathering (physical and virtual) of document automation experts came together to reflect on the past, present and future, and made some interesting predictions about the coming revolution in the way documents (especially legal documents) are produced, delivered and consumed.
With Lloyd's having tried and failed with the big bang approach to taking its insurance market online (Kinnect was shut down earlier this year), things are now happening by stealth. Or STEALTH, as Guy Carpenter calls its new online system... "Sabotage and Terrorism Electronic Application Linked to Hiscox".
When a lawyer explains how dangerous it is to draft your own contract, I’m reminded of the famous words of Mandy Rice-Davies: “Well, he would say that, wouldn’t he?”
We had three arbitrators billing us at $500 per hour, and the case was going nowhere with no end in sight… at least in court the judge is paid for by the taxpayers
General Counsel, Fortune 500 company