Drafting, Vetting, Amending, Storing and Managing Contracts Online

By PracticeLeague, January 10, 2021   |   10 Min Read

A legal department deals with multiple contracts on an everyday basis, and the creation, managing and storing of these documents is extremely important. With the need to create new contracts regularly, and to keep track of them, it becomes difficult to handle more than a few of these documents at a time.

So, how can lawyers keep up with their contract management?

The answer is the Legal Contract Management Software that can provide an easy, convenient, and effective solution to create, store and manage document and contracts across the enterprise.


Drafting

Creating contracts manually is a time taking and error-prone task, that has taken a lot of lawyer's precious time. This manual task can take away from the more important tasks a lawyer has to do and instead puts them in doing time-consuming.

With a Contract Lifecycle Software, lawyers will have the opportunity to automatically create contracts, using their standard templates, which are instantly created after answering just a few questions. No more writing one from scratch or hunting for old similar contracts for reference or reviewing contracts manually for errors.


Vetting

Most contracts are rarely signed in their ‘as is’ state. Also, contract management is not just about drafting contracts. At times, you tend to use the contracts shared by the other party. In both scenarios, they go through various changes and amendments by not just one, but different lawyers. Lawyers usually depend on MS Word for this process, whether it’s for tracking changes or adding comments. Hence, a Contract Lifecycle solution need to provide some level of integration with MS Word. With an MS Word plug-in, lawyers can quickly access their clause library while reviewing the document and insert clauses on demand. This ensures that they are not only saving time and efforts but also using pre-approved, reducing the errors and standardizing the legal terms.


Reminders

Most contracts come to an end after a stipulated period or after completion of deliverables. Still, it becomes difficult to track renewals, milestones, and key obligations considering the volumes of contracts that are managed by legal teams?

With automatic reminders, lawyers don’t need to worry about this, as they will get notified when a milestone is due or when the contract is about to expire to renew it in a timely manner and be compliant.


E-signatures

Earlier, one would need to print out a contract, sign on it once finalized, scan it back, and then store it online. A Contract Lifecycle Management Software takes this one step further. It makes it possible for users to sign contracts electronically and even share contracts with other parties using a secure portal for their signatures even. This works even if the other party is not using a Contract Lifecycle Management software


Secure storage

Most important of all, security is a big concern for lawyers, as most legal documents and contracts are confidential and need to be kept safe and secure. Online cloud storage makes storing these much easier, and also makes sharing and edited online convenient.

PracticeLeague offers a robust and scalable legal software for lawyers. Try Our Contract Lifecycle Management Software for easily drafting, vetting, amending, storing, and managing contracts.



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