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What to Consider When Drafting a Purchase Agreement Template A purchase agreement outlines the legal rights that govern the sale of an asset. The specific clauses and risks addressed in a purchase agreement largely depend on what is being sold. Different issues will have to be considered turning on whether the transaction involves goods, real estate, an entire business, or some other asset. Generally, any purchase agreement should outline the following: the parties involved in the transaction, a description of the underlying asset, how liabilities associated with the asset will be distributed between the parties, and any warranties or guarantees…
A Beginner’s Guide to Contract Templates: Which Should You Build? Contracts are the lifeblood of a business. Every purchase, every sale, every deal has contracts behind it, whether express or implicit. A company, especially as it grows, needs to have a stable of contract templates on hand for the decisions it makes on a daily basis. The most common contracts used in every industry are Non-Disclosure Agreements (NDAs), Master Services Agreements or Master Agreements (MSAs), Work Orders, Change Orders, Licensing Agreements and Letter Agreements or Memorandums of Understanding. This article is the first in a series that will go over…
Contract Management Software for SOX Compliance The Sarbanes-Oxley Act The 2002 Sarbanes-Oxley Act (also known as the SOX Act) was enacted on the heels of major accounting scandals. In order to prevent widespread fraud, the SOX Act contains comprehensive and strict guidelines for regulating companies’ financial reporting. The SOX Act applies to all publicly traded companies, wholly-owned subsidiaries, foreign companies that do business in the United States, and some private companies. All of these entities must adhere to certain rules regarding auditing, accounting, and financial reporting in order to say compliant. Businesses that comply with SOX must have…
Drafting Advice: Understanding Exemption/Exclusion Clauses Businesses use contracts to govern sales of goods or services; however, every business knows that the risk inherent in each transaction does not end after payment is made and goods or services are delivered. The parties to a contract will each seek to restrict the amount of liability for which they are responsible through various contract terms, often referred to as exemption or exclusion clauses. These can be found under various headers, including “limited liability,” “limitation of liability,” “exclusion clause,” or “limitation clause.” These clauses exclude or limit a party’s liability for the use of…
How Artificial Intelligence Will Force the Legal Industry to Change Individual lawyers often spend hundreds of hours on tasks such as document review, legal research, diligence, contract drafting, and assessing the probability of a lawsuit’s success. Significant portions of such work are susceptible to automation and thus are being, and will increasingly continue to be, streamlined by natural language processing artificial intelligence (AI). As is often the case with technological change, it is partially inevitable. However, the legal industry is notorious for accepting new practices at a glacial pace. Indeed, the legal profession, along with the government, is still among…
Evisort Doubles Down on Client Leadership with Mike Kowal Hire SAN MATEO, Calif. — May 12, 2020 — Evisort, the AI contract management startup, today announced that account services veteran Mike Kowal has joined as Head of Customer Success. Kowal will focus on delivering positive client outcomes while businesses adapt to the changing pandemic economy.  Kowal comes to Evisort with over 25 years experience driving client excellence and generating business growth. He previously led Customer Success for startups including Falcon.io (acquired by Cision), Dotomi (now Conversant) and Button as well as larger companies such as GE, Rakuten and CJ…
Vendor Management Best Practices for Risk and Cost Savings A single business is not an isolated box, fully self-sufficient in serving the needs of its customers.  Every single business needs to buy goods and services, whether something as ordinary as office goods or something more particularized like a custom product or service. Buying requires contracts, and contracts require management. This is the vendor management process: storing, organizing, negotiating, renewing, and terminating contracts with a business’s various suppliers. In a small business, vendor management is often run by the controller who handles things like negotiating vendor contracts, paying suppliers, and storing…
Evisort Achieves SOC 2 Type II and SOC 3 Certification Evisort supports risk management and improving operational efficiency across legal contract environments and we are happy to report that Evisort achieved compliance with the relevant trust services criteria through a successful passing of SOC 2 Type II and SOC 3 security audits. This verifies that Evisort manages our customer’s data in the most secure, safe and proactive way, even for the most regulated industries. Service organization control (SOC) audits are performed by certified public accountants and their criteria are based on the “trust services” categories laid out by the American…
How It Works: Contract Analysis Software Contract analysis software brings many key benefits to any organization. One of the key benefits  is to improve the entire contract review process and easily integrate documents. Such software is fueled by the latest developments in artificial intelligence (AI) which allows you to automatically locate, extract, and review key information and data points in just minutes – something that previously  took hours. Not only does such software enhance visibility into your contracts, making it easy to get a speedy snapshot of important contract terms, but it can also quickly and intuitively respond to changes…
What Will Contract Management Look Like in Five Years? Contract management enhanced by AI is already progressing by leaps and bounds . . . imagine what it will look like by 2025? Here, we’ll take a look at the changing nature of contract management software, examine its importance for service-based businesses, project managers and legal teams, and predict what it will look like in five years. AI’s Influence Artificial intelligence (AI) is an emerging technology that will continue to have a significant influence on contract management. Specifically, its potential to make organizations more efficient and to allow crucial data to…
EviSpotlight: Becky Taylor, Solutions Architect Meet Becky Taylor! Becky is our Solutions Architect at Evisort. She works cross-functionally between the data science and product team, training our AI and managing custom deliverables for clients. Becky was a double-major in math and history and spent a year teaching English in Ecuador after college. Afterwards, she attended law school and briefly practiced at a New York law firm before entering the tech industry as a product manager. Prior to Evisort, Becky managed technical products in the auto, entertainment, and insurance industries. What made you decide to work at Evisort? The leadership at…
How AI is Revolutionizing the Contract Review Process More and more companies these days are touting contract review software systems, but they’re not all created equal. Traditionally, the status quo method for legal review is flawed. It’s time intensive, costly, and inefficient. Cutting-edge machine learning built into the very brain of contract review software offered by companies like Evisort is revolutionizing the contract review process across a broad spectrum of industries, from legal to finance. Today’s key AI features, all in one contract management systems, can speed up the process of everything from due diligence and clauses to contract…
Using AI-enabled Contract Management for Force Majeure During the Covid 19 Pandemic The Situation Using AI for Force Majeure clauses does in seconds what takes a team of lawyer’s weeks, providing better results than a standard contract analysis tool. The Coronavirus, which has tragically spread quickly throughout the globe, is creating a new normal during this unusual time. Our economy is being tested with the cancellation of large events, travel restrictions, and some businesses having to temporarily shut their doors.   What is Force Majeure? Many have asked us about Force Majeure, the provision that defines occurrences that are outside…
Why Contract Lifecycle Management is Important One of the principal challenges in adapting to the modern business environment is overcoming cognitive overload. We have greater access to information than ever before and our automated systems have the ability to churn out information at an ever-increasing rate. However, all this information can become bottleneck. Many businesses have large volumes of contracts and associated legal paperwork to process. Attaining maximum efficiency when dealing with the manual contract management processes can be difficult. A significant amount of time and effort goes into continuous contract awareness. When making decisions that will affect the course…
Free Excel Contract Management Template A mature business invests in contract management. Small businesses, entrepreneurs, garage start-ups, and sole proprietors are the kinds of businesses that can afford to manage their contracts manually – that is, when they’re just getting started. The early days of any business are marked by more concern over landing those first few contracts than managing them. However, as a business ages and accrues contracts, some form of contract management system must be chosen by any business. For those businesses which aren’t at a scale where an full fledged contract management system is required, manual contract…
The Ultimate Showdown: AI vs. Lawyers When people think of AI, their minds automatically wander to a futuristic view of the world where robots take over everything. Truth is, AI (Artificial Intelligence) is not here to conquer the world and destroy humanity. These are Hollywood tales that strike fear into people. Some of those people include professionals in the legal field – one of the industries slated to benefit the most from AI, particularly as it relates to contract data management. It’s time to set the record straight: AI is here to help, not hinder, and certainly not replace. Humans…