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Checklist - 3rd Party Contracts
A checklist for reviewing 3rd party contracts
The Problem
Reviewing third party contracts is time consuming and hard.
Related challenges include:
- third party paper is not drafted with your group legal policy in mind
- the quality of third party paper varies enormously
- anything unfamiliar takes a longer time to review and negotiate
- limiting comments to major issues takes discipline
- it is harder to leverage junior resources on third party paper
- your team is already stretched
- the smaller your company is, the more third-party paper you face
- your team still has to sign-off on third party paper
Wouldn’t it be good if everyone in your business knew what to look for and could do so efficiently?
The GLS Solution
GLS 3rd Party Paper Checklist™ delivers a comprehensive checklist of essential issues, making the rapid review of third-party paper a truly simple task.
No matter how expert your team is, GLS 3rd Party Paper Checklist™ will improve outcomes by ensuring a high-water mark review is carried out super-efficiently each and every time.
No single tool is more effective at guarding your business from errors of ignorance (mistakes due to not knowing enough), and errors of ineptitude (mistakes due to not using what you know).
GLS 3rd Party Paper Checklist™ instantly helps your team achieve better, faster, cheaper and safer contracting.
Problem solved.
Solution Deliverables
| Big 6 Risk Issues: | A checklist for liability, indemnities, warranties, termination, remedies, IPR, and title & risk scenarios. |
| Contract Sentinel: | The ultimate checklist for every aspect of a commercial agreement. |
| Customisable: | Our checklists can be calibrated for any contracting scenario you require (optional). |
| Legal Policy Compliant: | Specific calibration to your group legal policy (optional). |
| User Guidance: | User friendly guidance on effective checklist usage. |
| Self-improving: | Guidance on how to continually improve your checklist. |
| GLS Update: | Annual review and update of your checklist is available for 25% of the purchase price. |
| Automation Ready: | Our checklists can readily automatable. |
| Response capable: | A library of attendant review responses to speed up negotiations (optional). |
Solution SLA Options and US$ Pricing
| Column one | Column two | Column three | Column four | Column five |
|---|---|---|---|---|
| Deliverable | Basic | Standard | Advanced | Complete |
| Big 6 Checklist | ✓ | ✓ | ✓ | ✓ |
| GLS Update | ✓ | ✓ | ✓ | |
| Procurement Companion | ✓ | ✓ | ✓ | |
| Calibrated to Group Legal Policy | ✓ | ✓ | ||
| User Training (2 hour session) | ✓ | ✓ | ||
| Contract Sentinel | ✓ | |||
| $1,990 | $12,500 | $19,850 | $59,000 |
Pricing Comparison
| Big Law Review | US Rate | GLS Cost | Minutes |
|---|---|---|---|
| Partner | $850 | $1,990 | 2h 20m 47s |
| Senior Associate | $640 | $1,990 | 3h 6m 56s |
| Blended | $520 | $1,990 | 3h 50m 1s |
| Associate | $480 | $1,990 | 4h 9m 15s |
| Junior Associate | $400 | $1,990 | 4h 58m 50s |
GLS RPLV Legal Operations Score
This solution’s GLS RPLV impact score:
| Resource Status: | Specialist | Repeater | Formative |
| Ease of Implementation: | Complex | Average | Easy |
| Value Demonstration/Visibility: | Low | Medium | High |
| Productivity Leverage Profile: | Low | Medium | High |
| IHL Line Optimisation: | Single | Multiple | All Lines |
IHL Critical Function Optimisation Targets
This solution enhances performance across the following critical in-house functions:
In-House Legal: Critical Functions / Processes
Contracting
Legal Tech
Compliance
Managed Service
Human Capital
Service Provider
Knowledge
GLS has identified 15 critical in-house processes/functions that are present in every world-class legal department. To learn what these functions are, their composition and how they interrelate to deliver efficient legal team performance outcomes - visit here.
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