Being an integral part of the business, In-House Counsels are expected to be dedicated to ensuring that a company’s contractual actions are legal and compliant enough.
But in ground reality, it is very difficult to be aware of the key clauses and obligations relating to business-to-business contractual obligations and determine how their applicability differs in every jurisdiction.
This is where the AI-guided tools eventually turn out to be game changers, especially in the negotiation, creation, and review of such contracts.
Through this AI-powered tool, the In-house counsels can create templates with approved language which helps in filling in relevant information quickly along with tweaking specific terms based on the requirement of the parties involved.
It can further reduce the workload by streamlining the contract review process using self-serve alternatives, automation, and pre-approved templates.
The LegalBook is such a platform which helps in boosting the contract review process and assessment through its AI-powered review process.
It can eventually help the In-house Counsels to swiftly move from simple to intricate multi-level contract approval structures with greater transparency and well-informed choices at every stage of the approval process.
It also provides customizable reports for faster negotiation deadlines, which not only ensures appropriate contractual management but also provides a better governance mechanism for any organization.
Since the In house counsel’s responsibilities have gone beyond merely controlling the legal risks posed by the industry in which they are employed in today’s scenario.
Any counsel today must opt the AI-powered contract management tools for comprehending their problems, and developing viable solutions in order to be effective and worthy for the organization.
