Businesses are streamlining the contract lifecycle process by implementing contract management software that utilizes contract templates. Automated contract templates are legally reviewed documents that act as a master version to be edited as needed for future contract use. These templates allow parties to edit only relevant details, and leave staple clauses and general language unchanged. The time required to author, review and sign contracts is drastically decreased by utilizing pre-approved verbiage, with slight situationally-specific modifications made.
How can contract templates improve your work?
One of the biggest problems that businesses face during the initial contracting phase is version control. There are many opportunities for both mistakes and revisions to be made when a contract is passed amongst internal and external teams, which can result in detrimental compliance, performance or financial outcomes. Removing those opportunities is the key to a transparent, succinct process. Automated contract templates is the solution to maintaining full visibility throughout the contract creation process by ensuring all parties are working from the same document at all times.
Improved Approval Process
The approval process is often a challenge when it comes to moving from one stage of the contract lifecycle process to the next in a timely fashion, especially when the contracts are highly complex or involve more than two parties’ review. Contract template creation expedites the approval process without compromising contract quality. In conjunction with the contract templates, the seamless e-signature feature integration in a contract management systems encourages faster approvals with audit edit tracking and quick, electronic signature.
Standardized Language and Clause Library
Avoid legal teams writing and rewriting similar contracts time after time, while still maintaining accuracy and efficiency, with a contract template. These templates utilize a pre-approved library of legal clauses and standardized language that allows the author to select and apply appropriate verbiage, edit as needed, and send.
Once a template is established it can still be revised at anytime to mirror current business needs. The editable key fields feature can be configured by internal teams to allow, or disallow, changes to be made to identified sections of the agreement. These features combined make the contract creation process more efficient, provide scalability as changes arise.
Improved Productivity and Efficiency
Contract templates allow employees to immediate access a bank of pre-approved clauses. Additionally, utilizing the templates prevents having to involve legal teams in each agreement and therefore accelerating process while also remaining complaint to regulations. Teams can devote time to other value-add tasks by streamlining the contract creation processes, leading to a clear ROI of the contract template tool.
Contract templates are not the only advantage from a contract management solution. Automated software can streamline your entire contracting process into a single, comprehensive, end to end management system. Everything from risk assessments and contract creation to contract renewals and off-boarding, is streamlined to support productivity and help your business increase revenue.