How does CLM let you take control of the entire contract lifecycle?
By PracticeLeague, January 10, 2021 | 10 Min Read
Contract creation and management doesn't just end when the legal team drafts the contract and sends it business or other party. In fact, it's actually the start on a long process which is not just manual and time consuming, but also prone to errors if not given the utmost attention. But this isn't the case anymore!
With new legal technologies, legal departments can easily take help and automate these time consuming processes in order to reduce time spent and human errors.
With a Contract Lifecycle Management Software, lawyers can not just create, but also manage the contract's lifecycle, allowing a CLM to take control of the entire contact from beginning to end.
Lawyers can answer a few questions designed by them for different templates and create a draft on the go. With a template manager, you can create various contracts instantly as per the business requirements.
Contracts usually go through various iterations before they are finalized .Many a times, you end up using the other party's contract which may not include some of you own standard terms. CLM's clause library allows you access all of your standard terms which using MS Word. You can simply click on the clauses you need and insert them in the contract in a few seconds.
Adding an e-signature is also simple, without having to print the contract first, and then scan it back, helping you save more time and energy.
Having a central repository of all the contracts, notes and documents provides an easy way of managing them. A Contract Lifecycle Management Software helps in keeping track of signed contracts and their scanned copies. You can easily search for your legacy contracts, track related agreements or request for amendments.
With a Contract Lifecycle Management software, you get the added visibility of your key obligations and their timelines to ensure you're compliant with all the contractual obligations.
Creation and finalizing is not where a Contract Assembly Software stops. Instead, it also keeps track of the contracts renewal date so that it doesn't expire, and can be quickly re-negotiated in time.
PracticeLeague's Contract Lifecycle Management software is an easy to use, and compatible software, perfect for any legal establishment. It can take care of all your document creation, storing and management needs, without the lawyer having to waste time.