Contract review turnaround needs to be fast, ideally within 48 hours
I spend 5.5 hours daily reading and reviewing legal docs and it takes 3+ days to request and collect the necessary information
I currently use spreadsheets, Word docs with matching criteria and unorganized file storage systems
During the legal review, the document needs to be seen and reviewed by 14 different people
Establishing the risks of the terms and finalizing the reports to present the data to the top management is very time consuming
Finding change of controls, liquidation events, indemnity, liabilities, warranties and building commentary for the future
Reviewing the terms that I see over and over, redlining and talking about the same things several times
Finding the correct contract in the database based on the clause, specific verbiage and keywords is very time consuming