Many businesses are implementing automated contract templates to streamline the contract creation process and avoid issues associated with the initial phase of contract lifecycles.
Automated contract templates are legally written documents that act as a master versions to be used as a basis for future contracts. They have editable fields to allow for detail changes and clauses, as well as any specific obligations required by either party.
How Contract Templates Improve Your Work
Version ControlOne of the biggest problems that businesses face during the initial contracting phase is version control. There is often no control over the integrity of contracts as contract creation usually requires input from a various employees. From sales and legal teams to any third parties involved, versions can be easily changed or lost. This can result in poor compliance and carry heavy financial penalties. Version control is critical for businesses, and automated contract templates can make all the difference with full control over master templates.
Accelerate the Approval ProcessThe approval process often slows down the administration and negotiation in a contract's lifecycle. For businesses that deal with a high number of complex contracts on a regular basis, contract templates save time without compromising contract quality. E-signatures have made the contract creation and approval process far more convenient as well. E-signature software is a digital solution that can be integrated into contract management software to accelerate long approval processes, with full tracking and audit trails for all edits to employment terms and employer/employee signatures.
Standardized Language and Clause LibraryWithout the use of contract templates, reviews by the legal team can slow down the negotiation and contract creation process. Using standardized language and clause library, legal teams can concentrate on the terms that have not been pre-set and reduce the overall time spent on contract details. Standardized language and clauses can also identify any provisions in a contract that may be relevant to changing economic situations.
Easily Configure or Update ContractsThe owner of contract templates (usually the legal team) can adjust the template at any time to reflect current business and economic circumstances. Editable key fields in contract templates can be configured to specific requirements or terms. Pre-approved contract templates improves productivity and ensures regulation compliance, allowing your business the scalability to grow more efficiently.
Improve Productivity and EfficiencyAccelerate the time spent on contract lifecycles and streamline processes using contract templates. Improve sales rates and ROI of your contract management tool with templates. Pre-approved contract templates can be configurable to specific clauses and improve productivity by allowing employees immediate access to standard contracts without time consuming oversight by legal teams. Ensure all contracts stay compliant with any legal or regulatory rules.
Contract templates are not the only advantage to be gained from implementing a contract management solution. Automated contract lifecycle management software can streamline your entire contracting process into a comprehensive, end-to-end management system. Every single contract process from risk assessments and contract creation, to contract renewals and off-boarding, is streamlined to support productivity, improve performance, and designed to help your business increase revenue.