Contract Lifecycle Management Services
TLB provides you with the best contract lifecycle management services by assisting you in achieving your objectives, including enforcing compliance, taking advantage of volume discounts, successfully managing commitments, decreasing contract risks and litigation risks, and shortening your time-to-contract.
Why does your business need Contract Lifecycle Management Services?
It’s critical to write your contracts in standard terminology. Your lawyers might need to be involved in every agreement if there are anomalies or flaws in your legal terminology, which is no longer a viable choice.
Any process must be consistent in order to maintain some sense of organization and effectiveness. Disorganized CLM processes can be detrimental to your company, especially if you lack standardized templates for different use cases that could otherwise be easily customized to meet your requirements.
Contracts and related documents are frequently kept in a variety of repositories that may not be well-suited for quick searches and finds when needed. Systems of storage that are disorganized and inconsistent might hinder visibility and lead to problems like financial losses or missed revenue possibilities owing to non-compliance.
There are many different currency forms, terms and conditions, escalation or de-escalation provisions, and ever-increasing workloads, which makes it difficult and time-consuming to navigate through a lot of contracts and impossible to derive important insights.
The absence of an efficient interface also makes it difficult to align all the stakeholders and ensure seamless collaboration between them and thus complicates the process of amending contract terms and conditions.
Like any business process, lack of clarity, visibility, and transparency can complicate your CLM process and plague it with issues that only come to the fore at the execution stage.
It's critical to write your contracts in standard terminology. Your lawyers might need to be involved in every agreement if there are anomalies or flaws in your legal terminology, which is no longer a viable choice.
Any process must be consistent in order to maintain some sense of organization and effectiveness. Disorganized CLM processes can be detrimental to your company, especially if you lack standardized templates for different use cases that could otherwise be easily customized to meet your requirements.
Contracts and related documents are frequently kept in a variety of repositories that may not be well-suited for quick searches and finds when needed. Systems of storage that are disorganized and inconsistent might hinder visibility and lead to problems like financial losses or missed revenue possibilities owing to non-compliance.
There are many different currency forms, terms and conditions, escalation or de-escalation provisions, and ever-increasing workloads, which makes it difficult and time-consuming to navigate through a lot of contracts and impossible to derive important insights.
The absence of an efficient interface also makes it difficult to align all the stakeholders and ensure seamless collaboration between them and thus complicates the process of amending contract terms and conditions.
Like any business process, lack of clarity, visibility, and transparency can complicate your CLM process and plague it with issues that only come to the fore at the execution stage.
Why Choose TLB?
Amalgamation of years of hard-earned experience with the latest technology to cater to you the best contract lifecycle management services
TLB chalks out bespoke contract management services to meet individual client requirements. Our contract management team is proficient in reviewing contracts that range from NDAs to complex documents involving mergers and acquisitions, sales and procurement agreements, and financial agreements.
To whirl proficiency and optimize methodology, TLB incorporates high-level skills into its customized solutions along with hyped-up luminosity skills into contract management conformity. We provide unbiased and appropriate advice regarding the best available solution that matches individual client needs.
Our team gathers and promulgates an expanded diversity of leading methodology in conjunction with contract status, turnaround times, volumes, frequently negotiated provisions, use of non-standard provisions, types of agreements, and much more.
The Legal Base is known for organizing contracts and extracting vital information into customized templates and reports so that the clients can generate a plan for effective business functioning.
Our offerings
TLB has a dedicated contract lifecycle management services team that delivers customized solutions to law firms, corporates and even to contract management companies that helps in cutting down costs, reducing risks, and delivering quality outputs for their clients.
Our Contract Management experts are attorneys, law graduates, and software experts who have a better understanding of the laws associated with contracts. We can easily handle your data abstraction and summarization, set up templates, and assist in automating workflows that match your law firm’s or company’s playbook.
How do we help?
- Contract review, data abstraction, summarization, and contract enforcement
- Regulatory review, analysis, and repapering (e.g. GDPR, Brexit, CCPA, MiFID II, LIBOR)
- M&A due diligence-driven contract review
- Post-acquisition contract portfolio integration
- Internal contract portfolio audits
- Contract portfolio analysis
Contract redlining is done to edit a contract during negotiation between two or more parties with the aim to produce a single document that suits everyone’s requirements. Contract redlining is a vital part when executing a contract as any slight errors can result in heavy losses that is why it is important to work with a reliable contract management service provider.
How do we help?
- We have editors that are well versed with the latest technologies and can easily carry out the processes of file conversions, compilations, formatting, editing, etc.
- We set up an easy-to-access system for the negotiating parties involved for better project execution.
- Customizable workflow templates restraining you from repetitive redline revisions.
Our contract drafting and negotiating experts come with decades of rich experience of working with both law firms and corporations of varied sizes.
How do we help?
- Contract review, drafting, remediation, negotiation, abstraction, and summarization
- Contract compliance and global regulations analysis
- Remediation of “deficient” agreements and issuing amendments
- Management of ongoing contractual rights and obligations
- Managing procurement, sales contracts, IP licenses, and internal agreements
- Contract-related administrative support
Contract management is a dynamic domain, so our highly skilled contract lawyers make sure that the requisite amendments to the contracts are done in a timely manner whilst keeping the essence of the original agreement substantially intact. The team ensures your business deals keep moving irrespective of the size of the project.
Our Contract experts maintain a calendar for all the contracts and are ready with the updates much ahead of time. They visit the standard clauses and terms and address potential issues with the previous contract. They have mastered the process of organizing voluminous documents, electronic correspondences, and spreadsheets.
It is rare for businesses to come to the sharp understanding that maintaining a good contract management system is essential until revenues are lost, opportunities are missed, or milestones are missed as a result of subpar contract management. Our contract migration services are specifically developed to outcome this limitation by migrating your contracts to a better and more advanced CLM platform.
How do we help?
- Set up templates and assist in automating workflows that match your law firm’s or company’s playbook.
- Perform risk analysis deviation from standard terms, regulatory compliance, revenue recognition, and liability exposure.
- Advanced artificial intelligence tools for a better contract migration
Our subject matter experts prepare and disseminate all relevant paperwork to secure contract execution and internal approvals.
How do we help?
- Abstract and upload contracts into the contract repository with supporting documentation.
- Perform contract repository management – create files, alerts, renewals, and generate reports.
- document, track and report contractual obligations.
- Perform risk analysis deviation from standard terms, regulatory compliance, revenue recognition, and liability exposure.
- Due diligence around merger and acquisition (M&A).
We administer and analyze every aspect of your contracts from the initial stages to its successful execution.
How do we help?
- Administer the integration of incoming contracts with systems, processes, and standards
- Conduct analysis for renegotiation
Our CLM specialists offer a personalized path for achieving a best-in-class function while taking your organization’s budget, time constraints, and willingness to embrace change into account. Our CLM team examines the state of your organization’s contractual ecosystem and offers practical ideas to turn it into a center of excellence.
How do we help?
- Contract lifecycle assessment, consulting, process engineering, and playbook design
- CLM, contract analytics, contract workflow technology identification, assessment, selection, and implementation
- Implementation of administrative support including database foldering, tracking, and populating
- Pre and post-implementation legal resourcing and staffing
- CLM platform migration support
Steps involved in Contract lifecycle management
1
Initiation and
Authoring
2
Process and
workflow
3
Negotiation and
approval
4
Execution
5
Ongoing management
and compliance
(within the repository)
6
Contract
renewal
Learn more on how our CLM solutions help your business
It may be all too simple to lose sight of possible revenue-generating possibilities or revenue-sapping concerns as your contract portfolio expands over time. Our contract solutions help you check which suppliers you are overpaying, get rebates, prevent missing deadlines, find high-risk terms that might cost you later on, and much more.
Some firms require more than just a basic contract repository; others need to identify contract data that is extremely relevant to their sector. TLB team strives to make sure our platform satisfies your needs and has the impact you’re hoping for, whether it’s a straightforward point solution or an end-to-end contract analytics solution.
Together with your subject matter experts, our technical experts and senior attorneys will ensure that any solution we install provides reliable, legally pertinent data to guide your organization. Our quality control team evaluates your results after implementation to verify correctness and relevance. Following that, we’ll keep an eye on, manage, fix issues with, and support your contract solution.
