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How Does AI for Contracts Work?
The capabilities of artificial intelligence (AI) have grown by leaps and bounds in recent years, and the technology is taking nearly every industry by storm. The legal industry is no exception, using it for everything from researching previous contract disputes to navigating other tedious contract-related processes — an area in which AI is proving particularly […]
Contract Effective Date vs Execution Date Explained
Contracts formalize agreements and smooth out transactions between businesses and individuals. When parties sign a contract, everyone is on the same page and has a documented record of their agreement. But, some contract terms are challenging to understand. Lawyers sometimes use complex language and words that have a specific meaning. Contract effective date vs. execution […]
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A Guide to Contract Disputes
A contract outlines the terms of a legally binding agreement between two parties. Ideally, it covers exactly what each party is responsible for and the consequences if one side doesn’t hold up their end of the contract. Unfortunately, even with a solid contract in place, both parties don’t always agree on the terms and conditions. […]
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What Is an Enforceable Contract?
Modern society runs on contracts. From signing up for the latest app to having surgery to buying a new car, contracts lay out what each party can expect and what they must do to hold up their end of the bargain. That is, unless the contract is unenforceable. Enforceable Contracts 101 The total value of […]
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What Is an Evergreen Contract?
Negotiating and signing contracts can be time-consuming. Once all parties have hammered out an agreement everyone is happy with, an evergreen contract can eliminate the need to redo the contract when the term is over. Evergreen contracts automatically renew until one party cancels. Evergreen Contracts 101 Evergreen contracts are common in many businesses, such as […]
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What Is Contract Redlining?
When you’re trying to reach a legal agreement with someone else — whether it’s a person or business — the details matter. Redlining allows each side to make changes to the contract until both agree. The Role of Redlining in Contractual Agreements Redlining in the context of contractual agreements refers to a contract workflow where […]
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How to Draft a Contract: A Comprehensive Guide
Contract language, or “legalese,” can seem foreign and overwhelming. However, most contracts follow a basic format. Once you understand what that is, it’s easier to understand the terms of the contract — or even write one yourself. This guide will walk you through the basics of contract writing. What Is a Written Contractual Agreement? A written […]
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What Is the Purpose of Audit Trails?
Audit trails track and verify different types of transactions, including electronic signatures. An audit trail helps internal and external auditors track changes to confidential databases, investigate potential fraud, and understand the timeline leading up to a particular outcome. The law also requires audit trails in many industries. However, even if they aren’t legally required, audit […]
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A Guide To Digital Signature Requirements
Businesses use electronic signatures for many applications. From customers filling out forms online to businesses completing contracts over the web, electronic signatures have become so commonplace that many businesses couldn’t readily perform their operations without them. That means following compliance requirements is essential. E-signatures carry equal legitimacy as their wet counterparts. However, there are still […]
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Contract Amendment vs Addendum Explained
Creating a legally binding contract is difficult enough the first time around. Making changes to the initial document can feel like an impossible challenge. Amendments and addendums are legal devices you can use to adjust and fine-tune contracts. When should you make an addendum to a contract, and when should you use an amendment to […]
