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Transforming Contract
Lifecycle Management
for Neo4j

Background

With so many high-profile customers at stake, Neo4j needed a modern contract lifecycle management system that would match its efficiency, ease, and productivity.

The Challenge

Tracking Non-Standard Terms

Neo4j manages thousands of vendor and third party contracts with many internal stakeholders, some of which are more negotiated than others.

Neo4j’s Legal team needed a solution to keep the stakeholders informed about all contract non-standard terms during and after the negotiation process to make sure all contractual obligations are carried out.

Assessing Risks from Non-Standard Provisions

From termination for convenience to indemnity obligations, Neo4j needed a robust way to easily account for all the non-standard contract provisions.

For example, Neo4j’s auditors and VCsneed to be able to assess risk exposure from non-standard clauses (such as indemnification, etc.).

High-volume of Third-party papers

Many of Neo4j’s Fortune 500 clients insist on using their own contract templates. These contracts typically are highly negotiated and required feedback from many internal stakeholders on specific clauses.

Traditionally, Neo4J would send these contracts via email and note the section requiring feedback and approval. Once the feedback was provided (often by email), legal spent a lot of time reconciling these comments and approvals with the contract.

Our solution

...we were able to get up and running with it on day one turnkey...”

With Parley Pro, Neo4j was able not only to track the non-standard terms but also to manage their approval in real-time.

This process saves time for Neo4J, eliminates miscommunication between internal departments, and reduces breach-associated risks.

This was a big improvement on Neo4J’s prior practice of sending stakeholders non-standard contracts terms and obtaining their approvals through internal email correspondence.

With Parley Pro, Neo4j is able to pull reports from the platform to help identify potential risks associated with each non-standard provision.

This process saves time for Neo4J, eliminates miscommunication between internal departments, and reduces breach-associated risks.

This was a big improvement on Neo4J’s prior practice of sending stakeholders non-standard contracts terms and obtaining their approvals through internal email correspondence.

Parley Pro's CLM provides seamless accommodations for third-party paper.

With our contract management platform each clause can be assigned to an individual for review and approval. Internal stakeholders are getting notified only about the clauses that are pertain to them. This streamlines the contract process and keeps a detailed audit log.

With our new CLM, we were able to get up and running with it on day one turnkey. We didn’t have to meet with anybody to do any implementation or configuration. Some of the competitor products that we reviewed, license by template only and it would often take several months for them to templatize all these fields into their CMS offering. The problem is that Neo4j is not often able to leverage its standard license templates in negotiation; customers insist on using their own form templates. Our modern CLM provides the utmost flexibility in all situations.”

The great thing about new generation of CLM is that I can tag a specific clause and get feedback on it from the stakeholder that I need to. None of the other platforms have sectional tags. And that’s what differentiates Parley Pro from a lot of the other competitors.”