Contracts are essential to the continued operation of business. Due to geographically dispersed offices, fragmented databases, and a variety of stakeholders with disparate needs, many organizations fail to manage contract performance, which results in income leakage, increased costs, missed deadlines, legal & regulatory non-compliance, etc.
By working in conjunction with the client's legal counsel, EXO Edge offers the most comprehensive solution to minimize contract risk and enhance decision-making.
Our attorneys at VLS have extensive experience reviewing contracts and extracting metadata from various agreements and industries after going through thousands of contracts with varying degrees of complexity.
We are not technology-specific. We integrate cutting-edge technologies into our workflows, such as contract management systems and artificial intelligence tools, to increase efficiency and automate procedures.
We examine contracts and gather data for dashboards and reports. This makes it possible for our clients to see past, present, and future data as graphs and charts and to draw conclusions based on solid data. Examples include contracts with huge dollar amounts, contracts with unusual payment arrangements, contracts that must be amended because of a change in the law, etc.
•Contract Review and Analysis
•Template Standardization and Clause Library
•Playbook and Workflow Documentation
•Redlining of Contracts
•Finance and Banking
•Statement of Work
Contract abstraction is a process of summarizing or extracting key information from a legal contract or agreement.
It involves identifying and recording important details such as parties involved, obligations, terms, conditions, and key dates.
The purpose of contract abstraction is to create a concise and organized summary that can be easily referenced and understood
By abstracting contracts, organizations can gain better visibility into their contractual obligations, improve contract management processes, facilitate compliance monitoring, and support decision-making related to contract negotiations, renewals, or terminations.
Contract review and analysis is the process of examining a legal contract in detail to understand its terms, conditions, and implications. This critical evaluation helps parties involved in the contract to assess the risks, obligations, and benefits associated with it
Evaluate the contract to ensure that it complies with applicable laws, regulations, and industry standards. Verify if there are any specific legal or regulatory requirements that need to be addressed or if there are any potential legal risks associated with the contract.
: Examine the specific terms and conditions stated in the contract, including pricing, deliverables, timelines, and performance metrics. Analyze the language used to determine if the terms are clear, unambiguous, and adequately protect the interests of all parties.
Template standardization involves creating standardized contract templates that capture the common elements and provisions across various contracts within an organization. The goal is to establish consistency, reduce ambiguity, and save time by providing a framework for contract drafting.
A clause library is a repository of pre-drafted, pre-approved clauses and provisions that can be easily accessed and used when drafting contracts. It serves as a centralized resource for contract drafters to select relevant clauses and customize them for specific contracts.
A playbook, also known as a contract playbook or playbook guide, is a comprehensive document that outlines standardized procedures, strategies, and guidelines for managing contracts throughout their lifecycle. It serves as a reference manual for contract management activities and provides a consistent approach to handling various contract-related tasks
Workflow documentation involves documenting the step-by-step processes and tasks involved in contract management. It outlines the specific actions, responsibilities, and timelines associated with each stage of the contract lifecycle, from initiation to termination.
Contracts redlining is a valuable process for visually tracking and documenting changes made during contract negotiations. It enhances transparency, facilitates communication between parties, and ensures that all modifications and revisions are properly recorded. The use of dedicated redlining software streamlines the process, allowing for more efficient collaboration and a clearer understanding of the contractual changes being proposed and accepted.
Contract negotiation is a critical stage in the contract lifecycle where the parties involved work together to reach mutually acceptable terms and conditions for a contractual agreement. The negotiation process involves discussions, revisions, and compromises to ensure that the final contract reflects the interests and objectives of all parties involved.
Effective contract negotiation requires effective communication, active listening, flexibility, and a collaborative mindset. The goal is to achieve a fair and mutually beneficial agreement that meets the needs and objectives of all parties involved while managing risks and maintaining positive relationships.