Contracting needs to be customer-centric, technology-friendly and process-conscious to succeed in the current tech age. Customer-centric Customer-centric contracts are ones which are simple to read, understand and use, and provided as part of a simple, clear process to convert a prospect into a raving fan! We all know the frustrations
Studies estimate that the vast majority – 70% – of friction points occur before your contract is signed (Deloitte article)… assuming it is ever signed! Why does this matter? It means a company is losing money, losing customers, and burdened with unnecessary admin during the contracting process. Streamlining contracting can
What do you think the next decade holds in terms of how we write, create, review, negotiate and sign business deals (or contracts)? In my 2020 survey, the three most likely items to impact contracting as a process were: Machine learning (ML) ie giving computers ‘the ability to learn without
Do we set small comfortable objectives in relation to our contracting process and then execute them in a small way? Are you more excited by contract evolution than contract revolution? If you want to stay small, or avoid failure, then don’t start a contract lifecycle management (CLM) process. But if
Although I am a fervent advocate for simpler contracts [see better contracts by design, or steps to simplification], for many businesses a simple document in MS Word is no longer enough. In 2017, I helped The Federation of Master Builders move from complex text documents to adobe forms (an editable
On the front flap of A New Approach to the Standard Form of Building Contract (which refers to the 1963 RIBA form), the publishers say: By the nature of its legal terminology and complex provisions, [the form] is extremely difficult to apply in everyday practice without constant advice The book
As you know, I believe one of the key things missing from contractual relationships is trust. The prevailing view is that smart contracts will assist with that. But is that really true? Trust in digital In my digital-first survey, trust with contracting partners was most closely associated with companies the
My 2020 survey asked more than 50 respondents across the globe and different sectors to consider various issues on digital-first contracting. From my studies on the legal technology and innovation certificate, I was aware that data should drive techno-contracting. Algorithms depend on and use historical information in the form of
In the last decade, advances in technology have significantly changed our lives, from our homes to our businesses. Techno-contracting – the use of AI, machine learning or blockchain – will change the way businesses write, create, review, negotiate and sign business deals. 2020 saw a massive increase in the use
What do we want? Legal revolution. When do we want it? Um…. now? The LawTech Report 2021 confirms that technology is ‘an enabler of fundamental change in the frontline delivery of legal and court services, and a mechanism for doing things differently, setting new standards, and importantly, putting user outcomes
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