The Evisort Blog

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In our daily lives, we’ve become very accustomed to the power of skipping. You can decide to skip a workout if you think you deserve a cheat day. You can sign up for a free panel or webinar and never show up with little to no repercussions. You can absolutely skip pre-roll YouTube ads.  This hard-fought freedom to skip does not exist in the world of contract negotiation. You can’t afford to cut any corners in contracting, especially when it comes to pre-signature. And yet—skipping abounds. Many legal teams working remotely over the last seven months have been smacked over…
Global banking layoffs are on track to be the worst in half a decade. Surprisingly, it’s not necessarily because of the usual culprits (COVID and the recession). The industry has been tightening its belt for a while now.  About half a million banking jobs have been cut since 2014. Banks are citing a need to reduce expenses so they can comply with stricter regulations and invest in digitization. For instance, last year Deutsche Bank cut 18,000 jobs to invest $15.4B into automating back office operations. HSBC cut 35,000 jobs and moved $20B in assets to a blockchain custody platform in…
In 2019, if you had told a legal operations manager they’d be carrying their organization through a pandemic, global recession, civil unrest, volatile politics and devastating natural disasters, you wouldn’t have been surprised if they quit on the spot.  We know now that legal operations professionals are not a luxury. Legal ops departments comprise incredibly smart and resourceful people—people who jumped into action at the beginning of the recession, taking stock and battening down the hatches. The good news is, this quick thinking helped them weather the initial shock, and now legal operations teams are looking to “get back to…
Every business today has an office or storefront with some type of commercial lease. There are many important clauses within these contracts and tracking them manually runs the risk of losing money and important information. There are almost 350,000 businesses in the commercial lease industry generating almost over 500 billion dollars according to IBISWorld. Regardless if you are a landlord or tenant, you don’t want to get stuck missing or owing more money. To mitigate any risk, ensure that your commercial lease agreements include, or omit the following provisions.  1. Assignment  Assignments in a commercial lease give the lessee the…
A Statement of Work (SOW) is a written agreement that includes detailed specifications of a project or service contract. An SOW is usually found as the following document after a Master Service Agreement. This document functions as the guideline for a single project to be fulfilled by a party and to reduce the chance for miscommunication.  When drafting the statement of work the key is to be as specific as possible for each task and written in language and terminology relevant to the particular industry. This will eliminate the possibility for misinterpretation. The following provisions and tips should be included…
We continue our series on drafting advice diving into the considerations and best practices for Master Service Agreements (MSAs). Before we dive into the details it’s important to understand the purpose of an MSA. An MSA is a contractual agreement made between two or more parties where both parties agree to certain terms and conditions which govern future transactions. It is also an anchor document that will allow for the creation of a set of following documents to better understand the work that needs to be performed. What should a Master Service Agreement include? As a governing document, the MSA…
We continue our series on drafting advice diving into the considerations and best practices for MSAs.  Before we dive into the details it’s important to understand the purpose of an MSA. An MSA is a contractual agreement made between two or more parties where both parties agree to certain terms and conditions which govern future transactions. It is also an anchor document that will allow for the creation of a set of following documents to better understand the work that needs to be performed. As a governing document, the MSA should provide guide subsequent documents such as a Statement of…
A non-disclosure agreement (NDA) establishes a confidential relationship and is used when one party must share confidential information with another party. For example, an NDA is used when a business wants to ensure a potential vendor, customer, or partner will refrain from disclosing any information without the business’ consent.  Generally, the document should be clear and concise to help the other party sign the NDA quickly without needing much time for review. If you are drafting or evaluating a standard NDA for the first time, the following questions are important to answer.  Is the NDA one-sided or mutual? A one-sided…
Automate contracts. This two-word edict comes from Jerry Ting, CEO of Evisort, and concisely sums up the vision behind the company he founded — Evisort —  and our latest product, Contract Workflow, which automates the contract creation and approval processes all the way through e-signature. As a Harvard-educated lawyer, he knows too well the manual process (and hours!) of reviewing and managing contracts. Why not use AI to do that? This question put him on the Forbes 30 Under 30 list and gave enterprises the kind of productivity gold they need to truly leverage more data and free up legal…
Automate contracts. This two-word edict comes from Jerry Ting, CEO of Evisort, and concisely sums up the vision behind the company he founded — Evisort —  and our latest product, Contract Workflow, which automates the contract creation and approval processes all the way through e-signature. As a Harvard-educated lawyer, he knows too well the manual process (and hours!) of reviewing and managing contracts. Why not use AI to do that? This question put him on the Forbes 30 Under 30 list and gave enterprises the kind of productivity gold they need to truly leverage more data and free up legal…
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 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 that the parties wish to make. This ensures that…
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…