This article by Naseeha Machingal, LegalEase Solutions, was published on August 24, 2022 on Legaldrive.com
The Association of Corporate Counsel’s 2022 Law Department Management Benchmarking Report highlighted the fact that 99% of in-house departments surveyed still handle at least some, if not all, aspects of the company’s contract management work. This not only limits the productivity of in-house personnel; it could also lead to lost profits.
CLM providers have gone to great lengths to minimize the CLM and NDA struggles GCs face. But some problems persist. Over-transparency in agreements can force supply chain departments to disclose more than they should. Unclear terms can undermine the enforceability of crucial NDA provisions.
No CLM program or playbooks can substitute the human intelligence often needed to process renewals and renegotiations. However, in-house departments can manage these problems by using blockchain and smart contract technology to level up CLM platforms and NDA workflows.
Find out how Smart Contracts and Blockchain can Help Modernize and Expedite NDA and CLM Processes
Naseeha Machingal is Director of Client Success at LegalEase Solutions, LLC.