In this highly fluid market, it makes it difficult for the in-house counsels to find ways of profitability and keep legal obligations aside. The legal obligations of the e-commerce entity become stricter, where the platform is flooded with vendors and customers.
Direct and indirect procurement contracts lack the visibility of this dynamic market and fail to ensure the profit margins. Further, collaboration with third parties for contractual commitments like report submission and claim initiations result in delay and slow response to market demand.
TLC’s Contract Lifecycle Management (CLM) Software makes in-house counsel’s tasks way easier with its simple, intuitive, and integrated solution. From using predefined templates for the new contracts and integrating the drafting process as per the varied requirement, it helps in completely automating the legal department. Moreover, it also helps in auto-archiving the discussions between the parties to a contract regarding related contracts which helps in mapping the important obligations. It also includes an inbuilt calendar to keep a track of important dates of renewal of contracts.