Legal Contract Management

Corporate governance and risk management are gaining increasingly more attention from Board executives. The management of contractual information is a key area of risk for many organisations. Contract and agreement negotiation today demands that administrative overheads are reduced whilst concluding negotiations in faster time periods.

Contracts are the cornerstone of all businesses and having quick and easy access to legal contractual information is imperative in allowing organisations to measure their risk going forward.

energycredit Legal is a comprehensive Contract Life Cycle Management solution and has been designed in response to the growing need for companies to proactively manage contractual rights and obligations. It empowers an organisation to quickly identify the risks and opportunities which their contracts possess. energycredit Legal is a powerful tool that helps to automate the creation, management, delivery and archiving of legal documentation.

An essential process in any legal department is the safe storage and quick retrieval of legal documentation. energycredit Legal provides a platform to support the entire contract life cycle – from contract planning and negotiation through to contract creation, completion and execution.

Broadly energycredit Legal covers four main areas: negotiation management, agreement comparison, agreement capture and agreement archive.

Negotiation management

Negotiating a new contract or renegotiating an existing contract is a key skill that is crucial to the financial and operational state of any company. With energycredit Legal in place, the legal department can draw upon the organisation’s contract negotiation and performance history to assist in ensuring the negotiations are favourable. This is possible as the energycredit Legal agreement repository stores not only the organisation’s previous contracts but also detailed records of previous contract negotiations.

Agreement comparison

The language used in creating contracts is vital. energycredit Legal facilitates the creation process by providing a sophisticated search facility to identify and retrieve text that was successfully deployed in previous agreements. By leveraging existing and effective contract terminology the contract creation process becomes more efficient and accurate.
The contract repository utilises sophisticated data analysis tools to facilitate easy retrieval of the relevant information and to compare clauses within the contract. Clause comparisons and advanced searching are both accomplished via Microsoft Word. The clause comparison facility enables the organisation to achieve consistency throughout its portfolio thus minimising legal and economic risk.

Agreement capture

The ‘capture’ facility within energycredit Legal is intended to cover pre-existing scenarios, whereby a significant number of agreements are already in place and are required to be made available through the repository. Agreements are scanned using OCR (Optical Character Recognition) or are captured using the agreement definition forms that use standard templates.

Agreement repository

The repository allows for multiple instances of particular documents. These may be different versions of documents in varying stages of completion and review or different renditions of documents e.g. editable or non editable.

In addition old or inactive documents may be stored for audit purposes. Intelligent filtering allows the documents to be managed effectively.
The agreement repository is a document warehouse that maintains relationships between various entities such as legal agreements, associated documents to contracts, clauses, signatures and authors.

energycredit Legal can be utilised by the legal counsel of any organisation to improve both the efficiency of their practice and their effectiveness in negotiation and dispute resolution.

energycredit Legal enables an organisation to proactively manage contractual issues and identify the risks and opportunities that its contracts present thus facilitating corporate governance and risk management within the organisation.

Key benefits

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