Contract Management Crisis Preparedness For GC's

Contract Management Crises Preparedness for GC


How to Prevent COVID-19 and Other Crises From Affecting Your Contract Management

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How to Prevent COVID-19 and Other Crises From Affecting Your Contract Management

 On March 11th, 2020, COVID-19 (coronavirus) was declared a pandemic by the World Health Organization. Although the case fatality rate of COVID-19 (3.4 percent) is not as high as that of SARS in 2003 (9.6 percent) at the moment, it has spread significantly quicker – and with far greater impact. If the latest predictions hold true, the outbreak will continue its course to at least late May or mid-June 2020.

All told, estimates of the impact of this virus on the global economy vary. But the numbers are staggering:

  • The Organisation for Economic Co-operation and Development (OECD) predicts that COVID-19 will reduce 2020’s international GDP growth from 2.9 percent to 2.4 percent – or by half a percent.
  • Bloomberg Economics estimates that the GDP growth in the first quarter of 2020 slowed to 1.2 percent YoY (year over year), which is the slowest growth on record.
  • Bloomberg Economics also warns of a possible GDP growth of zero – and a $2.7 trillion hit to the global economy.
  • Lacks CLM Solution

  • Have CLM Solution

62% of companies currently lack a end-to-end Contract Lifecycle Management solution

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Contingency Planning

We sincerely hope that COVID-19 will be relatively brief and that the virus will be ultimately contained. Richard Tromans, founder of Artificial Lawyer, recently stated, “if the scientific advice that has been given so far is correct, then we are looking at a ‘short sharp shock,” rather than the epic and long-term crash of 2008/2009.”

But let’s face it, the legal industry can benefit immensely from contingency planning and preparedness today. Whether they are now working from home (WFH) in the U.K., mainland Europe, or the U.S., legal teams need to think deeply about their contract management processes. This is especially true if your contracts and related documents aren’t at your teams’ fingertips.

What is certain is that those that have already planned ahead – when it comes to contract management systems (CMS) – are likely to emerge from this event in a stronger position than ever before. They are ready to face the next shock, too. As for the 62 percent of house legal teams currently lacking such a solution, according to ContractPodAi’s own research, the coronavirus crisis will be challenging, indeed.

Helping You Drive Digital Transformation

The most crucial point, however, is to stop procrastinating. Right now. If you’re a general counsel, head of procurement, or other senior executive responsible for the legal team, learn more about the importance of:

  • Staying on top of service level agreements; liabilities and indemnities; delayed or liquidated damages; and termination provisions, etc.
  • ‘Standing at the ready,’ having even more control of – and insights into – contracts
  • Cloud-based, end-to-end CMS solutions, like AI-based contract lifecycle management (CLM) systems that are deployed out of the box – in a matter of two to five weeks
  • Contract onboarding; a full contract repository; smart summaries; contract automation; AI analytics; an integrations ecosystem; and revision and review workflows
  • Proper vendor selection

Download our whitepaper today. Find out how ContractPodAi can help you with your legal digital transformation – and contingency planning for COVID-19 and other crises.

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