Capturing Key Contract Data

In an interview, Karen Meyer, CEO of Contract Logix, discusses contract lifecycle management and how it can help general counsel and their legal teams mitigate risk, ensure compliance, and contribute to the commercial success of the business. One of its chief uses is as a method for capturing contract data that can be used to benchmark and track key performance indicators. General counsel need to track key terms and key areas of risk. Specific examples are frequency of deviation from standard terms and pre-approved contract language, appropriate levels of insurance coverage, and visibility into whether contracts have been properly executed. In respect to supply chain and vendor management, contract lifecycle management software can provide actionable insights into how vendors are performing, and help decide whether the right relationships are in place to achieve business goals.