Every one in the legal department knows that contract bottlenecks are a real deal. While done unintentionally, these are created due to the high number of contracts that need to be dealt with on a daily basis in any legal department, and with the different processes that need to be taken care of during the contract lifecycle, they also become inevitable.
Thankfully, a few simple ways can be used to avoid contract bottlenecks and instead create a quicker and standardized process for the same.
While the legal departments are often blamed for slowing down the contract creation process, doing a cautious review of the details in the contract and mitigating risks is actually a huge part of their job. But due to the laborious and painstaking manual process, a large amount of time can get wasted in doing so, making everything from NDAs to new hire agreements to vendor and partner contracts, come to a slow pace.
Having a standardized process that is reliant and trustworthy enough for complying with all the rules and regulations of contract making can definitely become the need of the hour if you want to quicken the pace. A sort of ‘automatic’ control can definitely help move faster through the contract request, negotiation, and approval processes.
Using a Contract Lifecycle Management software, you can (i) automate the flow of contract requests and keep a tab on deadlines; (ii) generate standard contracts instantly using user-defined templates; (iii) generate dynamic contracts using your clause library; (iv) automate the approval processes for different types of contracts; (v) store and manage various versions created during the negotiation process; (vi) electronically sign contracts; (vii) share contracts with internal and external parties using a secure portal.
Automating the contract lifecycle makes it super easy to avoid bottlenecks, and move contracts quickly through the initial request, till the final approval and signature. Upon execution, you can also store the signed contracts and capture the key obligations, important terms, dates, milestones, payment schedules, amendments, renewals, termination and other dates.
Leveraging technology for legal matters can be great as it helps in providing a more compliant and error free result. Know more about how PracticeLeague’s Contract Management Software that can help your company.