The Legal Tech-To-English Dictionary: Contract Lifecycle Management

Ed. Note: This is the fourth edition of The Legal Tech-to-English Dictionary, part of our Non-Event for Tech Perplexed Lawyers. Jared Correia is hosting the non-eventcast.

There is a term for lawyers using Latin and other obscure languages ​​to describe legal processes to consumers: “Legal”.

But there is no similar term for vendors using technical and other obscure languages ​​to describe their legal software operations for attorneys.

It is true that this dynamic may seem unfair. But now we have the Legal Tech-to-English Dictionary to help us deal with it.

Read on for part four where we translate contract lifecycle management topics into plain English.

Further comments on Legal Tech can be found in the non-event cast in the rooms Law Practice Management Software and Legal Operations Contract Lifecycle Management in Above the Law Non-Event.

Contract lifecycle management

1. A comprehensive method of managing contracts in a company or law firm through an identified workflow, from initiation to signing and renewal.
2. The use of software to create and process all phases of legal contract management.

Lawyer 1: Can you locate that Vandelay Industries Supplier contract?

Lawyer 2: Let me see . . .

Lawyer 1: That doesn’t sound like a “yes”.

Lawyer 2: Well, you know what I keep saying, “I have an amazing filing system. But my retrieval system sucks! ‘

See. “Ratatouille“When Remy just in time finds the letter from which it emerges that Linguini is really Gusteau’s son – as it happens everyone Movie. This is not real life. And unless you manage every stage of a contract in your law firm, don’t expect a Hollywood miracle to save you.

Authoring

1. One of the first steps in the contract lifecycle management process when the legal team is asked to draft a contract.
2. The contract drafting process, including review and negotiation.

Lawyer 1: The sales team asks for another contract.

Lawyer 2: At least they don’t googling shit and try to go rogue.

Lawyer 1: Truth.

See William Shakespeare … or maybe not.

Booking control

1. The record of changes made to a file or document.
2. The system that captures granular transactions in a particular process, such as: B. contract lifecycle management.

Lawyer 1: We are about to be audited by a company!

Lawyer 1: I will empty my bank account. Can you meet me in Botswana in 36 hours?

Lawyer 2: Relax, we have audit trails for everything we designed and maintained in our contract lifecycle management software.

Lawyer 1: Did I say Botswana? I meant Bertuccis. For lunch.

See. Because so many mistakes can only be explained awaybefore you eventually trip over your carpet and be hospitalized with a serious neck injury.

Force majeure

1. A contractual clause that releases a party from its contractual obligations due to an unforeseen event beyond its control.
2. An act of God.
3. For example everything that has happened in the last 16+ months … or maybe not.

Contractor 1: So, am I here to collect my fee for assembling these wheels on the Pharaoh’s chariot last week?

Lawyer 1: (the grasshopper wipes its forehead) Are you kidding me?

Multi-party agreement

1. An agreement between a number of stakeholders.
2. Does this involve blockchain in any way?

Lawyer 1: Hey you think this guy’s name is real William Buttlicker?

Lawyer 2: Just go with it. He will now be a party to this deal.

See Multi-party agreements that require numerous signers can be managed with a contract lifecycle management tool that can track actions between parties, including revisions and signatures.

This is the fourth edition of The Legal Tech-to-English Dictionary, part of our Non-Event for Tech Perplexed Lawyers.

Jared Correia, a legal technology consultant and expert, hosts the Non-Eventcast, the Above the Law non-event podcast for tech-savvy lawyers.

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