Contract Insights

Contracts are the fabric of business relationships and help bind organizations together. As such, efficient legal payment processing is paramount. CobbleStone Software is often approached by leading organizations of various industries to discuss how they can better track contracts, contract spend (contract expenditures), and contract budget management. The process of managing contract-related fiduciary responsibility is inherently complex. However, it is highly simplified with a comprehensive contract management software system that does much more than provide basic contract management features. One of the foremost solutions for comprehensive contract lifecycle management (CLM) - including streamlined legal payment processing - is CobbleStone Contract Insight^®. To that end, let's further explore this topic of legal payment processing.

The use of artificial intelligence is all the buzz right now. From Microsoft Bing’s use of OpenAI’s ChatGPT to Google’s Bard AI Chat Bot - the topic of responsible use of artificial intelligence continues to trend. To add to that, generative artificial intelligence (a useful AI technology feature that generates human-like content) is being reviewed extensively - not only from a usability perspective, but from a legal work standpoint.

ATTENTION procurement, supply chain, and purchase managers:

Your supply chain and sourcing processes play a critical role in ensuring your procurement teams have the proper goods and services necessary to operate and expand your business while fulfilling your client, operational, and contract commitments.

Over the last year, our clients - legal professionals - have expressed their seemingly increased workload for reviewing contract documents, negotiating agreements, and signing contracts.  Recently, I was asked: "When do you know it is time to hire a full-time legal professional for contract management and legal review?" Considering the innumerable times I've been asked this question, I resolved to write a thorough and thoughtful response as a blog that aligns with our audience of contract management software users and prospective CLM users as well.  Discover 5 steps to determine if you need to hire a full-time legal reviewer or paralegal.